VANCOUVER MAN SENTENCED TO 16 MONTHS IN PRISON FOR SECURITIES FRAUD
CLYDE ALLEN CHRISTENSEN, 45, of Vancouver, Washington was sentenced to 16 months in prison and three years of supervised release today in U.S. District Court in Tacoma for two counts of Securities Fraud. In sentencing CHRISTENSEN, U.S. District Court Judge Ronald B. Leighton noted "this conduct goes to the heart of our economic system . . . this conduct cannot be tolerated; it cannot be sanctioned; it cannot be excused."
CHRISTENSEN was a financial associate for Thrivent Financial Services for Lutherans (Thrivent), a Fortune 500 insurance company and a fraternal benefit society. From about May 1999, until December 2002, CHRISTENSEN also held himself out to be the owner of a company called Christensen and Associates, Inc. While working at Thrivent, CHRISTENSEN contacted clients for the purpose of soliciting them to invest in stocks purchased by him through Christensen and Associates, Inc.
CHRISTENSEN, however, failed to disclose to his clients that (1) he was not licensed to sell or purchase stocks; (2) in most instances, he was failing to purchase stocks; (3) he was using the money provided to him to purchase stocks for his own personal benefit; and (4) Christensen and Associates, Inc. was not a licensed business. During this time frame, CHRISTENSEN's clients invested in excess of One Hundred Twenty-Three Thousand Dollars ($123,000). CHRISTENSEN used that money for his own benefit.
CHRISTENSEN pleaded guilty to Securities Fraud in April 2004. Thrivent Financial Services has reimbursed those who invested with CHRISTENSEN. CHRISTENSEN was ordered to make $97,000 in restitution to Thrivent. Some of that total has already been paid.
This case was investigated by the Federal Bureau of Investigation and Thrivent Financial Auditors. The case was prosecuted by Assistant United States Attorney Ilene J.K. Miller.
For further information, please contact Emily Langlie, Public Affairs Officer for the United States Attorney's Office, Western District of Washington at (206) 553-4110.