An investment advisor has been convicted of stealing from his clients in Minnesota and Wisconsin.
Levi David Lindemann, 40, of Stillwater, Minn., pleaded guilty to one count of mail fraud and one count of money laundering in U.S. District Court in Saint Paul, Minn.
According to Lindemann’s guilty plea, he used his company, Alternative Wealth Solutions (AWS), to solicit investor funds from approximately 50 investor clients between 2009 and 2014.
Lindemann encouraged his clients to surrender their retirement accounts so that he could invest funds on their behalf, but instead of investing their money into legitimate vehicles, he used the funds to pay personal expenses, convert the investments to cash for his own use, purchase an Infiniti QX56 sport utility vehicle, and make Ponzi-type payments to other investors.
Lindemann took steps to conceal his fraudulent activity by creating counterfeit secured notes and providing them to investor-clients as proof of their investment.
This case is the result of an investigation conducted by the Minnesota Department of Commerce Fraud Bureau, the IRS Criminal Investigation Division, and the Federal Bureau of Investigation.
The case is being prosecuted by Assistant United States Attorney Joseph H. Thompson.
Lindemann’s sentencing date has not yet been determined.
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Key Facts
- State: Minnesota
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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