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Allen County man sentenced to pay $48,000 for securities fraud
Start Date: 12/20/2012 All Day
End Date: 12/20/2012
Entry Description

Secretary of State Connie Lawson’s investigation leads to conviction

INDIANAPOLIS (December 20, 2012) —An investigation by Indiana Secretary of State Connie Lawson’s Prosecution Assistance Unit has lead to the conviction of Randy Ridenour of Fort Wayne. An Allen County Judge sentenced Ridenour to pay $48,000 and to serve four years of probation for a securities fraud scheme. Ridenour promised to invest $30,000 for his victim but chose to use the victim’s funds for his personal largesse instead.

“Ridenour was not registered with my office to sell securities, a key warning sign for any Hoosier investor” said Secretary of State Connie Lawson. “You can protect yourself from securities fraud by researching an investor’s work history, licensing status and disciplinary actions on our website www.IndianaInvestmentWatch.com.

“I want to thank Allen County Prosecutor Karen Richards and her staff for their work on this case. This conviction would not have been possible without their determination to prosecute these white collar cases.”

Ridenour began the scheme when he developed a relationship with the victim while aiding in a home refinance in which he served as the registered loan broker. He learned the victim held a fund of $30,000 with an investment advisor and convinced the victim to invest that fund with him. Ridenour was not registered with the Secretary of State’s office to sell securities, a class C felony and did not invest the money. Instead Ridenour used the $30,000 over a period of four months for his own personal use. If Ridenour fails to make his court ordered monthly payment of $1,000 at any time over the next four years, he faces time in prison.

“This case is yet another example of the Prosecution Assistance Unit of the Secretary of State’s office and a local prosecutor’s office staff working together to put criminals behind bars and to get justice for victims,” said Securities Commissioner Chris Naylor.

For more information on how to avoid becoming a victim of investment fraud, visit www.IndianaInvestmentWatch.com.

Contact Information:
Name: Valerie Kroeger
Phone: 233-8655
Email: vkroeger@sos.IN.gov
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