Forged documents, fake accounts, fancy cars — it sounds like every investor's worst nightmare.
In a complaint filed last week, the
The alleged fraud went undiscovered, authorities say, because Lindemann provided fake account statements, forged documents as proof of client investments and used money from new investors to keep making payments to existing clients.
Lindemann, a resident of
Neither that firm nor his other firm, Gershwin Financial, were FINRA members. They also were not registered with the
Lindemann and his lawyer,
In one of the alleged activities, Lindemann raised
Clients received payments in the form of cashier's checks drawn from accounts controlled by Lindemann, authorities say. For the third cousin,
'MY CONCERNS MOUNTED'
According to court documents,
Initially, the promised monthly payments were recieved. "These were cashier checks, but they cleared and their amounts seemed to correspond with the dividends Levi had promised me I would receive monthly,"
When the payments stopped, the elder relative said he was told the funds had ceased coming to avoid double taxation, due to changes in tax laws. After that, he said his calls often went unanswered, court documents show. "I requested a redemption from Levi. Months passed, and my concerns mounted."
'LYING TO ME ALL ALONG'
The cousin said he eventually received a redemption in
"During that visit he confessed that he had never invested my money with HomePath. He told me he had been lying to me all along about having done so. … He told me that until that moment he hadn't been 'man enough' to simply come out and tell me that he had never invested my money with HomePath," the older relative told regulators.
Authorities are charging
Lindemann worked from 2010 to 2012 at
He also was previously employed at two small broker-dealers:
Lindemann has no disclosure events on his BrokerCheck record.
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