Twin Cities Investment Manager Investigated for Running 'Ponzi-like' Scheme - KSTP.com
A Twin Cities investment manager is under federal investigation for defrauding investors, including his own family members. Levi Lindemann, 38, is accused of raising $976,000 from six investors in Wisconsin and spending the money on himself, other business ventures and “Ponzi-like” payments to other investors, according to a complaint filed by the Securities and... He allegedly told investors their money would be put into a variety of investments through legitimate companies, including, GWG Life, a Minneapolis based company that helps people manage their life insurance policies. Lindemann came clean to a family member after learning about the SEC investigation, according to the complaint, telling his own cousin he “had never invested any of his money. However, federal investigators believe Lindemann continued to defraud other investors as late as August 2014, raising another $3. 3 million. Two business partners in Eagan say they invested more than $500,000 with Lindemann through a variety of business entities. Leiferman met Lindemann in 2008 and made his first investment in 2010. The co-founder of a successful debt buying business, Leiferman says he trusted Lindemann completely and thought of him as a friend. Source: kstp.com
