FREDERICK E. MONROE JR (CRD# 2457010) (aka FRED MONROE JR, FREDERICK EUGENE JR MONROE), a 59 year-old Albany, New York financial planner and former senior vice president at Capital Financial Planning, pleaded not guilty to charges against him for defrauding investors out of more than $1 million. The felony complaint claims Monroe defrauded three victims of $1.26 million in this alleged Ponzi scheme. Monroe had established relationships with these clients over twenty years. Allegedly, the money was not used for investments, but was used for Monroe's own personal use. Frederick Monroe used the checks his clients wrote him to invest for his own personal expenses so he could maintain a lavish lifestyle, and to repay investors who had invested with him earlier--a typical Ponzi scheme.
Monroe pleaded not guilty to nine felony counts against him, including Securities Fraud, Grand Larceny, Scheme to Defraud and Money Laundering in the First Degree. His bail was set at $300,000 and if convicted faces up to 25 years in prison.
According to FINRA's BrokerCheck, this individual is not currently licensed to act as a broker (buying and selling securities on behalf of customers) or as an investment adviser (providing advice about securities to clients).
Fred Monroe Jr. was previously registered with the following firms:
02/2006 - 06/2015 VOYA FINANCIAL ADVISORS, INC. (CRD# 2882) - ALBANY, NY
07/1994 - 02/2006 NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC (CRD# 2881) - LATHAM, NY
07/1994 - 01/2002 ROBERT W. BAIRD & CO. INCORPORATED (CRD# 8158) - MILWAUKEE, WI
Soreide Law Group represents clients nationwide. If you or a loved one have sustained losses in this or another Ponzi-like scheme, call a Securities Arbitration Lawyer for free consultation on how to potentially recover your losses at: 888-760-6552.
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