United States v. Thomas Lindstrom

CourtCourt of Appeals for the Seventh Circuit
DecidedFebruary 23, 2026
Docket25-1395
StatusPublished
AuthorSt.Eve

This text of United States v. Thomas Lindstrom (United States v. Thomas Lindstrom) is published on Counsel Stack Legal Research, covering Court of Appeals for the Seventh Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
United States v. Thomas Lindstrom, (7th Cir. 2026).

Opinion

In the

United States Court of Appeals For the Seventh Circuit ____________________ No. 25-1395 UNITED STATES OF AMERICA, Plaintiff, v.

THOMAS LINDSTROM, Defendant,

and

RYAN BUILDING GROUP, INC., Third-Party Citation Respondent-Appellee.

APPEAL OF DAVID VENKUS, Restitution Judgment Creditor. ____________________

Appeal from the United States District Court for the Northern District of Illinois, Eastern Division. No. 16-cr-00631 — Lindsay C. Jenkins, Judge. ____________________

ARGUED DECEMBER 9, 2025 — DECIDED FEBRUARY 23, 2026 ____________________

Before HAMILTON, ST. EVE, and PRYOR, Circuit Judges. 2 No. 25-1395

ST. EVE, Circuit Judge. This appeal stems from David Ven- kus’s attempt to enforce a $13,776,518 criminal restitution judgment against Thomas Lindstrom, his former employee and a convicted fraudster who caused the collapse of Ven- kus’s trading firm. Venkus served Lindstrom’s then-em- ployer, Ryan Building Group, Inc. (“RBG”), with a citation to discover assets, pursuant to Illinois law. The citation prohib- ited RBG from transferring certain of Lindstrom’s assets that RBG controlled. When RBG later terminated Lindstrom (after discovering he had embezzled from the company), it gave him $73,090—a “hypothetical” calculation it based on the value of stock options Lindstrom accumulated during his em- ployment but never exercised offset by debt Lindstrom owed RBG. RBG called the payment a “severance” and claimed it was a goodwill gesture it gratuitously gave a former em- ployee who it terminated for stealing. After Venkus discovered the severance payment, he moved in the district court for a finding that RBG had violated the citation and sought a judgment ordering RBG to pay him the value of the stock options. The district court denied Ven- kus’s motion. Because Venkus has raised material questions of fact surrounding the nature of the severance payment and whether RBG violated the citation, we reverse and remand for an evidentiary hearing and further proceedings consistent with this opinion. I. Background In 1991, Venkus started Rock Capital, a now-defunct pro- prietary trading firm based in Northfield, Illinois. Lindstrom worked for Rock Capital as a trader for over 20 years—nearly the firm’s entire existence. Lindstrom earned 80% of any net No. 25-1395 3

profit on his trades, while Rock Capital kept the remaining 20%. In 2016, the United States charged Lindstrom with eight counts of securities and wire fraud. The indictment detailed Lindstrom’s scheme to defraud Rock Capital by falsely mak- ing it appear as though his trades were profitable. Lindstrom’s scheme boosted his compensation but caused Rock Capital to lose $13,776,518 and ultimately cease opera- tions. Lindstrom eventually pleaded guilty to one count of wire fraud. In 2019, the district court sentenced Lindstrom to 60 months in prison and 2 years of supervised release. It also ordered Lindstrom to pay Venkus restitution in the amount of $13,776,518. Venkus subsequently registered the restitution as a civil judgment and began attempts to collect on it. Lindstrom started working for RBG in March 2015, before his indictment; he worked at the company until his incarcer- ation and RBG reemployed him upon release. Lindstrom’s time at RBG, like his time at Rock Capital, was tumultuous, to say the least. Over the course of his employment, RBG com- pensated Lindstrom through a semi-monthly salary and stock options. 1 Lindstrom also racked up debt owed to RBG, includ- ing (i) $230,000 he used to fund his criminal defense; (ii) $69,016 charged to RBG’s corporate credit card for per- sonal expenses, which he then claimed as business expenses; and (iii) $10,000 that RBG spent uncovering these wrongful expenses. In total, Lindstrom owed RBG $372,543.

1 The stock options Lindstrom earned during his employment vested

over time. According to the stock options agreement, the options would expire 30 days after termination by RBG if unexercised. 4 No. 25-1395

In 2022, Venkus moved in the district court for a citation to discover assets against RBG, pursuant to Illinois’s judg- ment enforcement law, 735 ILCS 5/2–1402. Through the cita- tion, Venkus sought to discover assets controlled by RBG that Lindstrom owned or that RBG owed Lindstrom. The district court granted Venkus’s motion, and Venkus served it on RBG. Upon service, the citation created a perfected lien on the as- sets to which it applied. § 2–1402(m). The order also included a provision prohibiting RBG from transferring assets under the citation. § 2–1402(f). And, because RBG never perfected a lien on the debt Lindstrom owed the company, the parties do not dispute that Venkus’s citation was the most senior lien on the assets. 2 RBG responded to the citation. First, it explained it paid Lindstrom a semi-monthly salary. Illinois law applies a 15% garnishment cap to “wages” a judgment debtor earns. 735 ILCS 5/12–803. So RBG’s citation response determined Venkus was entitled to $918.75 per month—15% of Lindstrom’s semi-monthly salary. Second, RBG also ex- plained that Lindstrom had an interest in vested stock options that “have been pledged as a security for a loan and the amount owed on the loan is more than the value of any vested options.” Following RBG’s response, Venkus moved for a turnover order as to the 15% of Lindstrom’s semi-monthly salary. His motion did not request turnover of the stock options. Rather,

2 In addition to Venkus’s citation and Lindstrom’s debt to RBG, a third

lien existed—a family court order entitling Lindstrom’s ex-wife to a por- tion of his earnings. That order, which the court entered in 2023, also did not have priority over Venkus’s lien. No. 25-1395 5

he reserved his “right to seek relief as to the stock options identified by [RBG].” The district court entered the turnover order, directing RBG to pay Venkus Lindstrom’s non-exempt wages pursuant to § 12–803. Following the order, RBG made monthly payments to Venkus. In October 2023, RBG discovered Lindstrom had embez- zled funds by charging personal expenses to his RBG expense account. It terminated Lindstrom and stopped paying Venkus the 15% of Lindstrom’s semi-monthly salary. Three weeks later, it informed Venkus it had terminated Lindstrom and that it was “still working out any severance.” Over the next one to two months, Venkus, through counsel, repeatedly re- quested that RBG send him information about Lindstrom’s termination and about the severance RBG claimed it was cal- culating. But RBG barely responded to Venkus’s counsel, pro- vided no information, and delayed its response. Meanwhile, Lindstrom allegedly never exercised his vested options, which, pursuant to the options agreement, expired 30 days af- ter his termination. Venkus never moved for a turnover order as to the options. In late December 2023, RBG paid Venkus $10,963 without any explanation. Venkus asked RBG for the “basis” of the pay- ment, but, as was becoming a common theme, RBG continued to delay. In January 2024, Lindstrom (not RBG) sent Venkus a document titled “Ryan Building Group Tom Lindstrom Op- tions Net Payout.” The document, which Lindstrom signed, first detailed the “Fully Vested Options Payout”—valuing Lindstrom’s supposedly now-expired options at $445,633. Next, it deducted $372,543—the debt Lindstrom owed RBG. Finally, it arrived at Lindstrom’s $73,090 severance 6 No. 25-1395

payment—the difference between the value of options and the debt Lindstrom owed RBG. Venkus then moved in the district court for an order di- recting RBG to show cause based on this document, which the district court granted. In response, RBG explained: Lindstrom received gross severance in the amount of $73,090.

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