{"id":3984,"date":"2016-11-25T20:32:52","date_gmt":"2016-11-26T02:32:52","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3984"},"modified":"2022-03-11T13:34:43","modified_gmt":"2022-03-11T19:34:43","slug":"securities-cases-minnesota-adviser-goes-prison-ponzi-scam-ex-morgan-stanley-broker-accused-soliciting-2-7-m-elderly-investors-barred-securities-industry","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-minnesota-adviser-goes-prison-ponzi-scam-ex-morgan-stanley-broker-accused-soliciting-2-7-m-elderly-investors-barred-securities-industry\/","title":{"rendered":"\u00a0Securities Cases: Minnesota Adviser Goes to Prison Over Ponzi Scam, Ex-Morgan Stanley Broker Accused of soliciting $2.7 M from Elderly Investors After He is Barred from the Securities Industry, and 808 Renewable Energy Faces Fraud Charges"},"content":{"rendered":"<p>\t\t\t\t<strong>Minnesota-Based Investment Adviser Gets Six-Year Jail Term<\/strong><br \/>\nAccording to the Minnesota Department of Commerce, Levi David Lindemann was ordered to serve a 74-month prison sentence\u2014that\u2019s six years\u2014for bilking clients in a <a href=\"https:\/\/www.stockbrokerfraudblog.com\">Ponzi scam<\/a>.\u00a0 Lindemann owned Gershwin Financial, which did business using the name Alternative Wealth Solutions. He pleaded guilty to money laundering and federal mail fraud charges.<\/p>\n<p>Minnesota Commerce Commissioner Mike Rothman said that Lindemann abused his position as a financial adviser when he defrauded clients, including older investors. He did this by promising to invest their funds in safe investments but instead used their money to make Ponzi-type payments to clients and pay for his own expenses.<\/p>\n<p>Lindemann\u2019s guilty plea states that he solicited money from about 50 investors. He attempted to hide the<a href=\"https:\/\/www.stockbrokerfraudblog.com\"> securities fraud <\/a>by generating fake secured notes as supposed evidence of the clients\u2019 investments. The SEC permanently barred him from the securities industry earlier this year.<\/p>\n<p><strong><br \/>\nSEC Accuses Barred Broker of Selling Securities to Older Investors\u00a0<\/strong><br \/>\nAccording to the SEC, ex-Morgan Stanley (MS) broker\u00a0Rafael Calleja solicited $2.7M from 10 retiree and elderly investors after he had already been barred from the securities industry. The regulator claims that Calleja told investors their principal was insured and they would get a fixed return rate in a year. Meantime, he allegedly used at least $12K of their funds to pay for cruises, golf outings, and other personal expenses. He also purportedly failed to tell investors that his broker license had been revoked.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-minnesota-adviser-goes-prison-ponzi-scam-ex-morgan-stanley-broker-accused-soliciting-2-7-m-elderly-investors-barred-securities-industry\/#more-3984\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minnesota-Based Investment Adviser Gets Six-Year Jail Term According to the Minnesota Department of Commerce, Levi David Lindemann was ordered to serve a 74-month prison sentence\u2014that\u2019s six years\u2014for bilking clients in a Ponzi scam.\u00a0 Lindemann owned Gershwin Financial, which did business using the name Alternative Wealth Solutions. He pleaded guilty to money laundering and federal mail [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3738,3792,3801,3760,3741,3803],"tags":[],"class_list":["post-3984","post","type-post","status-publish","format-standard","hentry","category-investor-fraud","category-ponzi-scams","category-sec","category-sec-enforcement","category-securities-fraud","category-senior-investors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00a0Securities Cases: Minnesota Adviser Goes to Prison Over Ponzi Scam, Ex-Morgan Stanley Broker Accused of soliciting $2.7 M from Elderly Investors After He is Barred from the Securities Industry, and 808 Renewable Energy Faces Fraud Charges &#8212; Investor Lawyers Blog &#8212; November 25, 2016<\/title>\n<meta name=\"description\" content=\"Minnesota-Based Investment Adviser Gets Six-Year Jail Term According to the Minnesota Department of Commerce, Levi David Lindemann was ordered to serve a &#8212; November 25, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-minnesota-adviser-goes-prison-ponzi-scam-ex-morgan-stanley-broker-accused-soliciting-2-7-m-elderly-investors-barred-securities-industry\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"\u00a0Securities Cases: Minnesota Adviser Goes to Prison Over Ponzi Scam, Ex-Morgan Stanley Broker Accused of soliciting $2.7 M from Elderly Investors After He is Barred from the Securities Industry, and 808 Renewable Energy Faces Fraud Charges &#8212; Investor Lawyers Blog &#8212; November 25, 2016\" \/>\n<meta name=\"twitter:description\" content=\"Minnesota-Based Investment Adviser Gets Six-Year Jail Term According to the Minnesota Department of Commerce, Levi David Lindemann was ordered to serve a &#8212; November 25, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u00a0Securities Cases: Minnesota Adviser Goes to Prison Over Ponzi Scam, Ex-Morgan Stanley Broker Accused of soliciting $2.7 M from Elderly Investors After He is Barred from the Securities Industry, and 808 Renewable Energy Faces Fraud Charges &#8212; Investor Lawyers Blog &#8212; November 25, 2016","description":"Minnesota-Based Investment Adviser Gets Six-Year Jail Term According to the Minnesota Department of Commerce, Levi David Lindemann was ordered to serve a &#8212; November 25, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-minnesota-adviser-goes-prison-ponzi-scam-ex-morgan-stanley-broker-accused-soliciting-2-7-m-elderly-investors-barred-securities-industry\/","twitter_card":"summary_large_image","twitter_title":"\u00a0Securities Cases: Minnesota Adviser Goes to Prison Over Ponzi Scam, Ex-Morgan Stanley Broker Accused of soliciting $2.7 M from Elderly Investors After He is Barred from the Securities Industry, and 808 Renewable Energy Faces Fraud Charges &#8212; 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