Erez Law is currently investigating former Voya Financial Advisors, Inc. financial advisor Frederick Monroe Jr. (CRD# 2457010) regarding misappropriation of funds in customer accounts. Monroe has been registered with Voya Financial Advisors, Inc. in Albany, New York from 2006 to 2015 before he was terminated regarding, “Upon being notified that the representative may have been involved in misappropriation of client funds, the firm opened an internal review to investigate the allegations.”
In October 2015, FINRA barred Monroe from association with any FINRA member in any capacity after he failed to respond to FINRA request for information and failed to request termination of his suspension within three months of the date of the notice of suspension.
Monroe has been the subject of 16 customer complaints between 2015 and 2017, according to his CRD report:
- June 2017. “Customer alleging that former Northwestern Mutual Investment Services representative misappropriated funds from her.” The customer is seeking $665,000 in damages and the case is currently pending.
- February 2016. “Customer alleged that Mr. Monroe misappropriated funds.” The case was settled for $58,000.
- November 2015. “Beginning in 1999, client alleges representative did not invest her money as discussed. Client subsequently alleged that representative misappropriated funds.” The customer sought $181,439.42 in damages and the case was settled for $138,345.16.
- July 2015. “Customer alleged that Mr. Monroe misappropriated funds.” The case was settled for $33,000.
- July 2015. “Customer alleged that Mr. Monroe misappropriated funds. The case was settled for $20,000.
- June 2015. “Customer alleged that Mr. Monroe misappropriated funds.” The case was settled for $25,000.
- June 2015. “Customer alleged that Mr. Monroe misappropriated funds.” The case was settled for $130,000.
- June 2015. “Customer alleged that Mr. Fred Monroe misappropriated funds.” The case was settled for $162,000.
- June 2015. “Customer alleged that Mr. Monroe misappropriated approximately $125,000.” The case was settled for $125,000.
- June 2015. “Customer alleged that Mr. Monroe misappropriated approximately $32,000.” The case was settled for $32,000.
- June 2015. “Customer alleged that Mr. Monroe misappropriated funds.” The case was settled for $177,000.
- June 2015. “Customer alleged that Mr. Monroe misappropriated funds.” The case was settled for $78,740.11.
- June 2015. “The customers who is represented by counsel, submitted an email to the firm stating that they believe the representative may have misappropriated funds which they provided to the representative.” The customer sought $700,000 in damages and the case was settled for $614,534.50.
- June 2015. “The customer who is represented by counsel, submitted an email to the firm stating that he believes the representative may have misappropriated funds which he provided to the representative.” The customer sought $816,655.33 in damages and the case was settled for $912,882.00.
- June 2015. “The customer who is represented by counsel, submitted a letter to the firm stating that she believes the representative may have misappropriated funds which she provided to the representative.” The customer sought $425,309.53 in damages and the case was settled for $507,500.47.
- June 2015. “Customer alleged that Mr. Monroe misappropriated funds.” The case was settled for $39,900.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Voya Financial Advisors, Inc. may be liable for investment or other losses suffered by Monroe’s customers.
Erez Law represents investors in the United States for claims against former Voya Financial Advisors, Inc. financial advisor Frederick Monroe Jr., who is alleged to misappropriate funds in customer accounts. If you were a client of Voya Financial Advisors, Inc. or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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