Former broker, Levi D Lindemann, appears to have found himself in hot water with the Department of Justice in Minnesota.

According to a press release, Linnemann pled guilty to stealing from his investment advisory clients. He was indicted in December 2015 on one count mail fraud and one count money Laundering.

According to the plea, Lindeman reportedly encouraged clients to surrender their retirement accounts to him so that he could invest on their behalf through his business, Alternative Wealth Solutions, which he owned and operated between 2009 and 2014. Allegedly, Lindemann falsely told clients he would invest their funds in secured notes and other legitimate investments, but instead used client funds to pay personal expenses and make Ponzi-like payment to other investors.

To conceal his fraudulent activity, according to the plea, Lindemann allegedly created counterfeit secured notes to provide proof to clients of their investment.

Lindemann’s BrokerCheck report reveals five pending customer disputes involving similar allegations. In addition to running his own business, Lindemann was a registered representative of Workman Securities from 10/2009 – 11/2010 and J.P. Turner & Co. from 11/2010 – 03/2012.

When a broker steals or misappropriates client funds, not only can they be held liable for investment losses, the firm that employs such brokers may also be on the hook for losses.

If you suffered losses investing with Levi D. Lindemann and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 1-888-637-5510 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, please visit our website at www.whitesecuritieslaw.com.