Financial planner and vice president of Capital Financial Planning, LLC, Frederick Monroe, was arrested for allegedly swindling clients out of $1.26 million. New York State Attorney General Eric Schneiderman believes that Monroe had been operating a Ponzi scheme since 2008. Monroe had clients issue checks to him, personally, which he then deposited into his own personal checking account. Monroe is facing multiple felony charges including scheme to defraud, grand larceny, money laundering, and securities fraud. Monroe faces 25 years in prison and was sent to jail after failing to comply with his bail requirements.

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