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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