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Saturday, December 6, 2014

SEC FILES ACTION AGAINST MAN WHO ALLEGEDLY DEFRAUDED INVESTORS

U.S. SECURITIES AND EXCHANGE COMMISSION

FROM:  U.S. SECURITIES AND EXCHANGE COMMISSION 

Litigation Release No. 23146 / December 2, 2014

Securities and Exchange Commission v. Levi Lindemann, Civil Action No. 0:14-cv-04834-PJS-JJK

On November 24, 2014, the Securities and Exchange Commission filed an emergency action alleging that Levi Lindemann, a former registered representative and resident of West Lakeland Minnesota, operated a fraudulent scheme through his private company, Gershwin Financial, Inc. and his sole proprietorship, Alternative Wealth Solutions. The SEC's complaint alleged that from at least September 2009 to August 2013, Lindemann raised approximately $976,000 from six investors located in Wisconsin, including elderly individuals and a member of his own family. The complaint further alleged that Lindemann told these investors that their money would be used to purchase a variety of purported investments including various notes and interests in a unit investment trust. The complaint alleged that in reality, none of these investments were ever made. The complaint charged Lindemann with violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
After a hearing on November 24, 2014, the Honorable Patrick J. Schiltz of the United States District Court for the District of Minnesota issued an Order granting the relief sought by the SEC including a preliminary injunction, freezing assets and other emergency relief. Counsel for Lindemann consented to the relief sought by the SEC.

The SEC's investigation in this matter is continuing.

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