Former broker Lonna Ristvedt, former Investment Company and Variable Contracts Product Representative from Fargo, North Dakota, allegedly engaged in undisclosed and unapproved private securities transactions by soliciting investors to purchase investments through a Ponzi scheme known as Future Income Payments, LLC. Lonna Ristvedt investigation is conducted by attorney Alan Rosca of the Rosca Scarlato law firm.
Securities attorney Alan Rosca and his colleagues are investigating activity related to Lonna Rae Dehn Ristvedt’s alleged undisclosed and unapproved private securities transactions and involvement in Future Income Payments Ponzi scheme. Investors who believe they may have been a Ponzi scheme victim are encouraged to contact attorney Alan Rosca with any useful information for a free, no-obligation discussion about their recovery options. Call 888-998-0530 or via email at arosca@rscounsel.law.
Lonna Ristvedt Has Been Sanctioned by FINRA
In June 2015, Lonna Ristvedt allegedly engaged in four undisclosed and unapproved private securities transactions in the total amount of $163,320, according to the FINRA Letter of Acceptance, Waiver and Consent(AWC). As reported in the AWC, Ristvedt allegedly participated in the sale of two FIP purchase agreements in four separate transactions and she reportedly received at least $5,547.66 in commissions from these transactions.
Ristvedt’s employer at the time, National Planning Corporation, prohibited its registered representatives from participating in private securities without prior written approval from the firm. Ristvedt allegedly did not provide a notice to her firm prior to engaging in the transactions involving Future Income Payments, nor did she obtain approval from the firm. Reportedly, according to an Annual Compliance Questionnaire, Lonna Ristvedt incorrectly attested to participating in private securities transactions.
Lonna Ristvedt investigation showed that without admitting or denying the findings, she consented to the sanction and entry findings that she engaged in undisclosed and unapproved private securities through solicitations with Future Income Payments. Ristvedt received a four month suspension from any FINRA member firm in any capacity until February 2021, and a fine of $5,000, as reported on the AWC.
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Ristvedt Participated in Future Income Payments’ Ponzi Scheme
According to a press release by the U.S. Attorney Office District of South Carolina, Future Income Payments operated a Ponzi scheme by recruiting “pension holders who were desperate for money”. The pension holders made monthly payments to FIP in exchange for a lump sum payment or loan. FIP then solicited investors to purchase “structured cash flows”, these cash flows were considered the pensioners monthly payments.
In order to keep the scheme concealed, FIP used new investor funds to fund payments of earlier investors and thus keep the scheme operating. In early 2018, FIP ceased doing business and over 2,600 victimized investors were owed approximately $300 million, according to an Indictment. In a March 12, 2019 indictment, the United States charged FIP and its owner, Scott A Kohn, with conspiracy to engage in mail and wire fraud. Scott A. Kohn could face 20 years in federal prison and a fine of $250,000.
Lonna Ristvedt investigation concerning her alleged participation in Future Income Payments’ Ponzi scheme is being reviewed by attorneys at Rosca Scarlato law firm. If you believe you lost money in a Ponzi scheme, you are encouraged to reach out to an attorney to discuss your case and recovery options by completing the contact form on this webpage, calling 888-998-0530, or sending an email to arosca@rscounsel.law.
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The Employment History of Former Broker Lonna Rae Dehn Ristvedt
According to Lonna Ristvedt’s FINRA Brokercheck page, she has been registered with FINRA since November 2004 as an Investment Company and Variable Contracts Products Prinicipal. From November 2004 until November 2009, Ristvedt was employed with Farmers Financial Solution. She then switched to National Planning Corporation in July 2010 and remained there until November 2017. From November 2017 until November 2019, Ristvedt was employed with LPL Financial; she was terminated on November 22, 2019 when the firm allegedly filed a Form U5.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Are You Concerned You Lost Money With Lonna Ristvedt’s Engagement in a Ponzi Scheme?
The Ponzi scheme lawyers at Rosca Scarlato LLC law firm represents inv
estors who fall victim to Ponzi schemes and investment fraud as a result of broker misconduct, and are currently conducting the Lonna Ristvedt investigation into alleged undisclosed and unapproved private securities transactions in relation to her involvement in Future Income Payments’ Ponzi scheme. The firm takes most cases of this type on a contingency fee basis, there are no fees or costs, if no recovery; the firm advances costs and investor is required to pay only if there is a recovery.
Attorney Alan Rosca and his colleagues have represented thousands of victimized investors across the country and around the world in variety of cases ranging from arbitrations to class actions. Investors who believe they lost money in a Ponzi scheme correlating to Lonna Ristvedt’s recommendations may contact attorney Alan Rosca for a free, no-obligation evaluation of their recovery options at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
