A Stillwater investment advisor pleaded guilty Tuesday to operating a Ponzi scheme and stealing more than $2.5 million from his clients, some of whom were elderly individuals and others saving for retirement.
 
Levi David Lindemann, 40, was originally charged in December with one count each of mail fraud and money laundering.
 
Between 2009 and 2014, Lindemann’s investment management company Alternative Wealth Solutions allegedly cheated money out of approximately 50 investor-clients from Minnesota and Wisconsin. He requested clients surrender their retirement accounts to him so he may invest funds on their behalf. During the five-year period, Lindemann handled roughly $4.3 million in investor money.
 
Rather than invest the money as intended, Lindemann used more than half the funds to pay personal expenses, including the purchase of an Infiniti QX56 SUV for nearly $60,000.
 
In effort to hide his illegal activities, Lindemann created counterfeit secured notes using the funds from other investors. His investor-clients were then given the fake notes as proof of their investment.
 
A sentencing date for Lindemann has not yet been determined.