PASADENA WOMAN INDICTED FOR ALLEGEDLY MISAPPROPRIATING $2.6 MILLION
Baltimore - Attorney General J. Joseph Curran, Jr. announced today the indictment of Monica Lynn Coleman, of 442 Edgewater Road, Pasadena, by a Baltimore City Circuit Court Grand Jury. Coleman, 44, was indicted on 15 counts of felony theft, misappropriation by a fiduciary, and securities fraud in connection with Coleman's investment business, Coleman Craten, LLC, which she opened in February of 1998. It is alleged that between early June of 1997 through mid-April of 1999, Coleman misappropriated $2,645,000 from various clients and converted the monies to her own personal or business use, never investing the monies as she represented to her investors.
An arraignment has been scheduled for April 5, 2001 in the Circuit Court for Baltimore City.
All individuals are presumed innocent until proven guilty beyond a reasonable doubt. The maximum penalty for each count of Felony Theft is 15 years imprisonment and up to a $1,000 fine. The maximum penalty for each count of Misappropriation by a Fiduciary is up to five years imprisonment. The maximum penalty for each count of Securities Fraud is up to three years imprisonment and a maximum fine of $50,000.
The case was investigated by and will be prosecuted by the Office of the Attorney General's Criminal Investigations Division and the Maryland State Police. It was referred to the Criminal Investigations Division by the Securities Division of the Office of the Attorney General.