Former Mortgage Broker Sentenced for Fraud

By Scott Sarvay

Randy Ridenour

December 20, 2012 Updated Dec 20, 2012 at 3:39 PM EDT

Fort Wayne, Ind. (www.incnow.tv) - A former Fort Wayne mortgage broker who pleaded guilty to "securities fraud" was sentenced Thursday.

An Allen County Judge sentenced Ridenour to pay $48,000 and to serve four years of probation.

Ridenour persuaded a single investor to place $30,000 in an investment fund that never existed and used the funds for personal reasons.

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.

Ridenour didn't have a license to sell securities in Indiana.

What are your thoughts CLICK HERE to leave us a "QUESTION OF THE DAY” comment.

Want to be in the know for the next weather event, the next school closing or the next big breaking news story?

TextCaster alerts from 21Alive.com are your defining source for instant information delivered right to your cell phone and email. It's free, easy and instant. Sign-Up Now!

Powered by Summit City Chevrolet

© Copyright 2015, A Granite Broadcasting Station. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.