INVEST Advisor Roger Kroeger Charged with Embezzlement & Money Laundering
According to reports on December 17, nearly $300,000 disappeared from a 92-year-old woman’s investment account with INVEST Financial Group. The Broward Sheriff’s Office has accused her former financial adviser, Roger Kroeger, and his sister of embezzlement and money laundering.
The investigation alleges that Kroeger embezzled $290,000 of the woman’s money and that it was deposited into his sister Claudia Mahon’s account.
According to the testimony, at least $10,000 was used to pay a construction company that was making improvements to Kroeger’s $2 million home.
Kroeger, 62, is facing charges of elderly exploitation; organized scheme to defraud; money laundering; grand theft and forging checks. He has filed a written plea of not guilty.
Kroeger was freed from a Broward County jail on bonds totaling $207,500.
According to his FINRA BrokerCheck report, Kroeger was registered with INVEST Financial Group in Fort Lauderdale, FL from October 1990 until the firm dismissed him on Dec. 5, 2017. Kroeger reportedly had to surrender his passport and must wear an ankle monitor.
Failure to Supervise
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
Did you suffer losses investing with Roger Kroeger? If so, the attorneys at The White Law Group may be able to help you to recover your losses. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
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, please visit our website, www.whitesecuritieslaw.com.