FORMER FINANCIAL ADVISOR MONICA COLEMAN
Attorney General J. Joseph Curran, Jr. announced today the conviction of Monica Lynn Coleman, formerly of 442 Edgewater Road, Pasadena, in the Circuit Court for Baltimore City. Coleman, 44, pleaded guilty to five counts of securities fraud and one count of misappropriation by a fiduciary, in connection with Coleman's investment business, Coleman Craten, LLC, which she opened in February 1998.
Between early June 1997 through mid-April 1999, Coleman misappropriated
approximately $2.6 million from five clients and converted the monies
for her own personal use or for use by her business, never investing the
monies as she represented to her investors. In most situations, she deposited
the investors' checks into her personal checking accounts or into the
business payroll account. Coleman filed for personal bankruptcy and for
the business in early May 1999.
"Ms. Coleman abused her authority when she failed to invest her
clients' money, instead keeping it for herself or for other business uses,"
Attorney General Curran said. "The Office of the Attorney General
will continue to prosecute cases like this in an effort to protect investments
of hard-working Marylanders."