FINRA Permanently Suspends New York Broker Frederick Monroe for Misappropriating Funds

Theft of client funds exceeds $1 million in elaborate Ponzi scheme spanning a 20-year career in the securities industry

According to FINRA records, Frederick Monroe, an investment broker based in Albany, NY, has been permanently suspended as a broker and was arrested in June 2015 after being charged with theft of over $1 million dollars in investor funds.

Monroe has been in the investment business for more than 20 years and has been registered with companies including Voya Financial Advisors (2006-2015), Northwestern Mutual Investment Services (1994-2006) and the Robert W. Baird & Company (1994-2002).

In December of 2015, Monroe was permanently suspended from associating with any FINRA member in any capacity. This ruling came as a direct result of the fact that Monroe failed to respond to a request for information from FINRA, but he is also the subject of numerous allegations of misappropriation of customer funds. He has been terminated from his position at Voya Financial Advisors following these allegations and is not currently registered with any investment firm.

There are currently at least 8 formal complaints of misappropriation of funds in 2015, totaling well over $1 million dollars. Many of these allegations have already been settled, and two complaints currently remain pending, one is seeking more than $425,000 and the other seeking is $700,000.

Between 2008-2015, Monroe allegedly led an elaborate Ponzi scheme and convinced clients to invest their retirement savings with him and then illegally diverted these funds for his own personal use. He created false financial statements and lied to his clients about where their money was invested.

During this time, it is likely that many individuals were impacted by Monroe’s illegal activity. Stealing client funds is a serious legal offense in addition to being a breach of trust. If you or someone you know has been the victim of investment or securities fraud, you may be able to recover some of your lost funds. Silver Law Group specializes in representing victims of securities arbitration and investment fraud in state and federal cases. Scott Silver, managing partner, is admitted to practice in New York and Florida.

Silver Law Group has extensive experience in national securities arbitration and investment fraud cases and has won claims against major financial institutions and Wall Street firms. If you think you were a victim of Frederick Monroe’s egregious actions, contact our legal team today. We’ll review your case at no cost.