- Associated Press - Wednesday, February 17, 2016

ALBANY, N.Y. (AP) - Authorities say that a 59-year-old former financial planner from upstate New York has been sentenced to prison for stealing several million dollars from investors while fraudulently soliciting them to reinvest retirement money.

According to the attorney general’s office, Frederick Monroe Jr., of Queensbury, faces 5 1/3 to 16 years in prison. He pleaded guilty in December to charges including grand larceny, money laundering and securities fraud.

Investigators say he diverted clients’ money for personal use like airline tickets, credit cards and mortgage payments and to pay back earlier investors he had defrauded in a Ponzi scheme since 2002.

He was arrested in 2015, working as a senior vice president at Capital Financial Planning in Guilderland.

In Albany County Court, he signed judgments acknowledging he owes victims more than $3 million.

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