Frederick Eugene Monroe Jr. (also known as Fred Monroe) of Albany New York a stockbroker formerly registered with Voya Financial Advisors Inc. is referenced in a customer initiated investment related civil action brought in the Supreme Court of the State of New York where the customer sought $665,000.00 in damages founded on allegations that Monroe misappropriated the customer’s funds during a time that he was a registered representative of Voya. Civil Action No. EF2018-65604 (Mar. 1, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Monroe has been identified in fifteen additional customer initiated investment related disputes containing accusations of Monroe’s misconduct during the time that he was associated with Voya Financial Advisors. In particular, on December 18, 2015, a customer initiated investment related complaint regarding Monroe’s conduct was resolved for $33,000.00 in damages based upon allegations of Monroe stealing or unlawfully removing money or property belonging to the customer in relation to investment transactions.
Then, on February 12, 2016, a customer initiated investment related complaint involving Monroe’s activities was settled for $138,345.16 in damages supported by accusations that Monroe failed to place the customer in mutual fund investments according to the customer’s expectations; but rather, misappropriated the customer’s funds. On March 4, 2016, another customer initiated investment related complaint concerning Monroe’s conduct was resolved for $58,000.00 in damages founded on allegations of the unauthorized transfer of the customer’s funds while Monroe was associated with Voya Financial Advisors Inc.
Thereafter, on March 17, 2016, a customer initiated investment related complaint regarding Monroe’s activities was settled for $130,000.00 in damages based upon accusations that the customer’s funds had been misappropriated by Monroe. Further, Monroe is the subject of a customer initiated investment related written complaint which was resolved for $507,500.47 on August 10, 2016 supported by allegations that the funds customers provided to Monroe had been stolen or somehow misappropriated.
Monroe was discharged by Voya Financial Advisors on June 10, 2015 founded on accusations that Monroe possibly misappropriated funds belonging to customers. Subsequently, Monroe was barred from associating with any FINRA member in any capacity based upon allegations that Monroe neglected to cooperate with a FINRA inquiry regarding his activities. Case No. 2015045800501 (Oct. 16, 2015).
Prior to being barred by FINRA, Monroe was criminally charged in the New York State Superior Court with two counts of grand larceny; three counts of securities fraud; one count of engaging in a scheme to defraud; and one count of money laundering. Case No. 1010-15/IND-SCI 15-388 (Apr. 27, 2015). While these charges were pending, FINRA sought information from Monroe that Monroe failed to provide. Initially, Monroe was issued a Suspension from Association letter on August 6, 2015. Apparently, Monroe neglected to request that his suspension be terminated by an October 15, 2015 deadline. By failing to respond by the deadline, FINRA automatically barred him from the securities industry. Thereafter, on February 16, 2016, Monroe was convicted of, inter alia, felony securities fraud. Case No. 1010-15/IND-SCI 15-388 (Feb. 16, 2016).
