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For Immediate Release
May 27, 2004
Media Contact:
Kevin Enright 410-576-6357

FORMER FINANCIAL ADVISOR SENT BACK TO PRISON

Attorney General J. Joseph Curran, Jr. announced today the violation of probation of Monica Lynn Coleman in the Circuit Court for Baltimore City. Coleman, now 47 years old, failed to pay restitution as instructed by the court. Ms. Coleman originally pled guilty in 2002 in front of the Honorable Roger W. Brown to 5 counts of securities fraud and 1 count of misappropriation by a fiduciary; all of these violations were in connection with Coleman’s investment business, Coleman Craten, LLC, that she opened in February, 1998. Coleman misappropriated approximately $2.6 million from 5 clients and converted the monies to her own personal or business use, 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 in early May, 1999.

On May 11, 1999, the Securities Division of the Attorney General’s office issued an order to Coleman to cease and desist from acting as a financial advisor. In December, 1999, the Securities Division and Coleman entered into a final agreement permanently barring her from engaging in the securities and investment business. The Honorable Roger W. Brown, originally sentenced Coleman to 15 years suspend all but 1 year of active incarceration to be followed by 5 years of probation to pay back the monies stolen. She did not abide by her conditions of probation and was sentenced to more incarceration by the Honorable Althea Handy today. Judge Handy incarcerated Coleman for another 3 years to be served in the Division of Corrections. Upon release, Coleman will continue on probation and have to pay the remaining restitution.

The case was prosecuted by the Office of the Attorney General, 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.

 

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