Virginia financial advisor, Troy C. Baldridge, pleaded guilty in federal court December 20 to mail fraud related to an investment scheme that caused a loss of over $543,206.
From September 2011 through July, on at least 15 occasions, Baldridge allegedly transferred funds from client investment accounts to his personal bank accounts, forging client signatures when necessary.
He faces a maximum of 20 years in prison when sentenced March 10, although the term recommended by federal sentencing guidelines is likely to be significantly less.
According to FINRA Broker Check, Baldridge, 48, was registered with Capitol Securities Management in Glen Allen, VA from 08/17/2007 – 08/17/2016. He was discharged due to the charges against him in August. In September, Baldridge was permanently barred from the securities industry for failing to respond to FINRA’s request for information.
Brokerage firms are required to properly supervise all advisors they employ and to ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Baldridge’s former employer failed to properly supervise him, his employer may be held responsible for the losses in a FINRA arbitration claim.
If you suffered losses investing with Troy Baldridge and would like a free consultation to discuss your litigation options, please call The White Law Group at 1-888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on the firm please visit www.whitesecuritieslaw.com.