Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker Lonna Rae Dehn Ristvedt (aka Lonna R. Dehn; Lonna Rae Dehn; Lonna Rae Spitzer)(CRD # 2277778) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into her unapproved sales of Future Income Payments, LLC (“FIP”), outside of the member firm she was registered with. The owner(s) of FIP have been indicted on federal charges including conspiracy relating to its operation.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Ms. Ristvedt or their investments in FIP.
Registration Background for Lonna Rae Dehn Ristvedt
Ms. Ristvedt first became registered in the securities industry in 2004. She was most recently registered with Fargo, ND based LPL Financial LLC (CRD # 6413) from November 2017 to November 2019. Her prior registrations include National Planning Corporation (CRD # 29604) from July 2010 to November 2017 and Farmers Financial Solutions, LLC (CRD # 103863) from November 2004 to November 2009.
FINRA’s Allegations against Lonna Rae Dehn Ristvedt
FINRA’s investigation led to Ms. Ristvedt entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on October 13, 2020. According to the AWC, Ms. Ristvedt consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “In June 2015, [Ms. Ristvedt] solicited investors to purchase securities in Future Income Payments, LLC (“FIP”)”;
- “FIP represented itself as a structured cash flow investment, claiming to purchase pensions at a discount from pensioners and then selling a portion of those pensions as a “pension stream” to investors”;
- “[Ms. Ristvedt,] participated in the sale of $163,320 in FIP purchase agreements to two investor in four separate transactions”;
- “At all time during the stated period, [Ms. Ristvedt’s] employer member firm prohibited its registered representatives from participating in private securities transactions without prior written approval from the firm”;
- “[Ms. Ristvedt] did not provide notice to her firm prior to participating in the transactions involving FIP, nor did she obtain approval from the firm”;
- “In April 2018, FIP ceased business, owing nearly $300 million in unpaid investor payments. 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 related to FIP’s operations”; and
- By virtue of the above, Ms. Ristvedt violated NASD Rule 3040, regarding private securities transactions and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Lonna Rae Dehn Ristvedt
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s October 13, 2020 AWC also indicates that Ms. Ristvedt consented to the following sanction(s):
- A four-month suspension from association with any FINRA member in any capacity; and
- A $5,000.00 fine.
Lonna Rae Dehn Ristvedt has no History of Customer Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Ms. Ristvedt reveals she has no history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Lonna Rae Dehn Ristvedt and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.