Lonna Rae Dehn Ristvedt (also known as Lonna R. Dehn and as Lonna Rae Spitzer) of Fargo North Dakota a stockbroker formerly registered with National Planning Corporation has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that Ristvedt engaged in private securities transactions involving Future Income Payments while registered with National Planning Corporation. Letter of Acceptance Waiver and Consent No. 2020066026901 (Oct. 13, 2020).
According to the AWC, in June of 2015, investors had been solicited by Ristvedt to make purchases of Future Income Payments LLC (FIP) which is purportedly a structured cash flow investment that buys and sells pensions. Investors were offered seven percent returns on their FIP investments. Two investors went through Ristvedt to purchase $163,320.00 worth of purchase agreements issued by FIP. The AWC stated that Ristvedt received commissions for her sales efforts.
FINRA indicated that Ristvedt went against National Planning Corporation’s policies regarding private securities transactions. Those policies called on Ristvedt to refrain from selling away absent the stockbroker providing written notification and getting approval. National Planning Corporation was not furnished with this information by Ristvedt. The stockbroker also indicated in an annual compliance questionnaire that she was not involved in any securities transactions outside the auspices of the securities broker dealer.
The AWC noted that FIP is the subject of a federal indictment in which the company and its owner Scott Kohn were charged in March of 2019 with conspiring to defraud investors through the company’s operations. FIP allegedly owes $300,000,000 in unpaid investor payments as of April of 2018.
Ristvedt’s registration with National Planning Corporation was terminated on November 29, 2017. Between November 29, 2017 and November 22, 2019, Ristvedt was registered with LPL Financial LLC.