Levi D. Lindemann, of Oakdale, Minnesota, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been subject to a customer initiated investment related arbitration claim on March 28, 2016, in which the customer requested $340,000.00 in damages based upon allegations that Lindemann negligently handled the customer’s investment account, breached his fiduciary duty to the customer, and violated Minnesota Securities Act and conduct rules of Financial Industry Regulatory Authority (FINRA).
FINRA Public Disclosure reveals that Lindemann has also been subject to three additional customer arbitrations. Particularly, on August 7, 2015, a customer filed an investment related arbitration claim, in which the customer requested $65,000.00 in damages based upon allegations that Lindemann made misrepresentations to the customer concerning investments, and effected unsuitable transactions in the customer’s account.
On October 5, 2015, a customer filed an investment related arbitration claim for $200,000.00 in damages based upon allegations that Lindemann breached his fiduciary obligation to the customer, negligently handled the customer’s account, and made misrepresentations to the customer. On December 3, 2016, a customer filed an investment related arbitration claim involving Lindemann’s actions, in which the customer requested $50,000.00 based upon allegations of negligence, selling away, and breach of fiduciary duty.
Further, on April 6, 2016, Lindemann was barred by Securities and Exchange Commission (SEC) from acting as an investment adviser or broker, or associating with any firm selling securities or advising the public per an SEC Order which held that Lindemann violated Securities Exchange Act of 1934 Section 10(b), Rule 10b-5, and Securities Exchange Act of 1933 Section 17(a). Securities and Exchange Commission v. Lindemann, Civil Action No. 14-cv-4834 (D. Minn. Apr. 6, 2016).
Previously, on November 24, 2014, Lindemann was subject to an SEC Complaint which alleged that Lindemann, while associated with Gershwin Financial, Inc. and Alternative Wealth Solutions, engaged in a fraudulent scheme pertaining to unit investment trust interests and notes. Securities and Exchange Commission v. Lindemann, Civil Action No. 14-cv-4834 (D. Minn. Nov. 24, 2014).
According to the Complaint, between September of 2009 and August of 2013, nearly $976,000.00 was accumulated by Lindemann from six Wisconsin investors. Apparently, after informing customers that assets were to be utilized for investments in interests and notes within a unit investment trust, Lindemann never invested the customers’ funds as promised. Consequently, an Order was issued by The United States District Court for the District of Minnesota in favor of the SEC, which consisted of an injunction, and the freezing of Lindemann’s assets.
On November 22, 2016, U.S. District Judge Donovan Frank sentenced Levi Lindemann, who had previously been named a defendant in an SEC offering fraud action, to 74 months in prison and ordered him to pay $1.9 million in restitution to his victims. On March 1, 2016, Lindemann plead guilty to mail fraud and money laundering.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
