A former financial advisor is facing as long as 16 years in jail after being sentenced for running a 13-year long Ponzi scheme.
Fredrick E Monroe received his punishment in the court of Albany for running a $5million scheme from 2002-2015 which saw him swindle investors – including close friends and family.
Among his victims was a disabled woman who had handed over $1.5million that was part of her injury settlement. She had then taken out a $300,000 mortgage on her home, which was previously paid for, all so she could invest with Monroe. She now faces foreclosure, according to a report in Times Union
It was revealed that the money was used to pay other investors, as well as Monroe’s personal expenses: which ranged from $215,000 timeshares to $155,000 on restaurants, groceries, cigars, alcohol and gasoline.
According to Finra, Monroe was an employee of Voya Financial Advisors from 2006. During his arrest he stated he worked for Capital Financial Planning, but this is not on his Finra record. He was fired from Voya immediately on his arrest.