Severance, stock options and a convicted employee put one employer under scrutiny

A disputed severance tied to expired stock options has put one employer’s handling of a judgment creditor’s lien back under scrutiny.

On a February 23, 2026 decision, the US Court of Appeals for the Seventh Circuit reversed a district court decision and ordered further fact-finding in a case involving former trader Thomas Lindstrom, his employer Ryan Building Group, Inc. (RBG), and restitution judgment creditor David Venkus. The opinion centers on how RBG handled Lindstrom’s severance, stock options and debt to RBG while under an Illinois citation to discover assets.

The dispute traces back to Rock Capital, a proprietary trading firm started by Venkus in Northfield, Illinois. Lindstrom worked there for over 20 years, earning 80% of any net profit on his trades while Rock Capital kept 20%. In 2016, the United States charged him with eight counts of securities and wire fraud over a scheme that falsely made it appear his trades were profitable. The scheme boosted his compensation but caused Rock Capital to lose $13,776,518 and ultimately cease operations.

Lindstrom pleaded guilty to one count of wire fraud. In 2019, the district court sentenced him to 60 months in prison and two years of supervised release, and ordered him to pay $13,776,518 in restitution to Venkus. Venkus registered the restitution as a civil judgment and began collection efforts.

By then, Lindstrom was working for RBG, where...

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