Stillwater Man Pleads Guilty To Using Tricking Investors
MINNEAPOLIS (WCCO) – A 40-year-old man pleaded guilty Tuesday to stealing from investors in his wealth management company and using the money to buy a luxury SUV and run a Ponzi scheme.
Levi Lindemann, of Stillwater, pleaded guilty to counts of mail fraud and money laundering, the U.S. Attorney's Office said.
According to his guilty plea, Lindemann did business under a company called Alternative Wealth Solutions. From 2009 to 2014, he urged about 50 clients to grant him access to their retirement accounts and used the money to pay personal expenses, buy an Infiniti SUV and make payments to other investors, the attorney's office said.
Lindemann admitted that he crafted counterfeit secured notes and showed them to clients as proof of their investments.
His sentencing date has yet to be determined.