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Roger Kroeger, a financial advisor with INVEST Financial Corporation of Fort Lauderdale, Florida, was recently arrested in Broward County on several charges including money grand theft, money laundering, and elder exploitation. Authorities are still working to determine whether there are other victims.
If you or a senior loved one has worked with Kroeger or INVEST Financial Corporation, you may also be a victim of fraud. Silver Law Group, which is located near Ft. Lauderdale, is interested in talking to investors who worked with Roger Kroeger through INVEST Financial Corporation.
This is an active investigation in Broward County. We can help you quickly identify fraudulent activity in your account and work with you to pursue the losses you’ve incurred as a result. Contact us immediately to have your investment portfolio examined by an experienced attorney.
Kroeger is accused of stealing $290K from a 92-year-old client’s investment account—and there may be other victims
The first victim identified in the Kroeger investigation is a 92-year-old Pompano Beach woman who had worked with Kroeger for over 30 years.
The alleged fraud was discovered when two of the woman’s friends, who make daily trips to check on the woman’s wellbeing, offered to review her finances.
Eucharistic ministers Maryanne Murphy and Kevin McCann didn’t expect to find anything out of the ordinary, but quickly noticed discrepancies. “[All the graphs] were going downhill,” said Murphy. There were also several large withdrawals.
According to court documents, when the three of them confronted Kroeger, he explained that one of the checks causing concern—made out for $90K—was a loan from the woman to Kroeger’s sister, Claudia Mahon.
Kroeger’s client states that she didn’t know Mahon and did not authorize any loan. Not long after this confrontation, the woman received a check from Mahon for $90K marked “loan repayment”.
“This is one of the more egregious crimes that I’ve seen in my lengthy police career,” said Broward Sheriff’s Detective John Calabro
The entirety of the $290K Kroeger allegedly embezzled was reportedly deposited in his sister’s account. It was discovered that at least $10K went to pay for improvements to Kroeger’s $2M home.
In mid-November, Sheriff Calabro visited INVEST Financial Corporation armed with an arrest warrant and found that the firm’s auditors were looking at Kroeger’s documents. When they left, Calabro observed Kroeger shredding papers and that is when he was arrested.
A review of Kroeger’s BrokerCheck report reveals that the recent charges against him are the only ones on record. However, Kroeger has been a financial advisor since 1986. In addition to INVEST, he also worked for Shearson Lehman Hutton Inc. and Glenfeld Brokerage Services.
Investigators continue to explore the possibility that Kroger may have stolen from other clients as well. “The investigation into Kroeger’s business activities is continuing,” said Calabro, who has been investigating economic crimes since 1980.
“She had no reason not to trust him,” said Eucharistic minister Maryanne Murphy.
The first victim identified in this investigation had worked with Kroeger for over 30 years. “I am so hurt by it because I trusted him with all my heart,” she said, “I could never believe that [he] would ever do this to me.”
Unfortunately, cases like these are all too common and members of our elderly community are taken advantage of by people they trust, including financial advisors and brokers.
If you have worked with Roger Kroeger or INVEST Financial Corporation and suspect that you may also be a victim, contact us immediately to have your account examined for fraudulent activity.
About Silver Law Group
Silver Law Group is a team of securities arbitration lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation.
The firm is led by Scott Silver, a former Wall Street defense attorney, who has been representing customers in securities and investment fraud cases since 2002. Scott is admitted to practice in New York and Florida and the firm represents investors nationwide.