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.

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