Frederick Eugene Monroe Jr. (CRD# 2457010) has been charged with first-degree money laundering, three counts of second-degree grand larceny, and scheming to defraud.
According to the allegations, Monroe convinced his investment advisory clients to send him personal checks that he said would be placed in bonds for retirement. Instead, the criminal complaint claims, he used this money to pay back earlier investors and for personal expenses such as his mortgage and airline tickets.
The allegations state that Monroe carried out his scheme from January 2008 until April 27, 2015 while he was a broker registered with Voya Financial Advisors, Inc. According to the criminal complaint, Monroe has already admitted that he did not reinvest some of his clients’ money as promised (by placing the money in bonds for retirement). Investigators claim that out of his 100 or so clients, he proposed retirement offers to more than ten of them.
Capital Financial Planning’s website no longer features information about Monroe, and when a judge asked Monroe at his arraignment whether he was employed, Monroe answered that he was formerly employed at Capital Financial Planning in Guilderland, New York.
Although the Assistant Attorney General on the case stated that there were at least a dozen victims of Monroe’s alleged Ponzi scheme, the complaint only listed $1 million stolen, which is the total amount listed as stolen from three of the alleged victims.
If you invested with Frederick Monroe of Capital Financial Planning/Voya Financial Advisors, Inc. and lost money, we invite you to contact a securities arbitration lawyer at Meyer Wilson today to discuss your legal rights and options. We have been helping investors recover their losses since 1999. Get in touch with us for a free review of your case.