GUILDERLAND — A Queensbury man with business dealings in Guilderland was arrested last week for allegedly stealing over $1 million from investors.

Frederick E. Monroe Jr, 59, who was the senior vice president of Capital Financial Planning, LLC, at 6 Tower Place, was charged with money laundering, three counts of grand larceny, four counts of securities fraud, and scheme to defraud, all felonies, according to a release from Attorney General Eric. T. Schneiderman.

He appeared in Guilderland Town Court on June 10 with a public defender and pleaded not guilty in front of Judge Denise Randall. He was sent to Albany County’s jail in lieu of $300,000 bail.

Monroe was charged with “luring clients with whom he had established relationships over his 20-year-career as a financial planner and then diverting their monies for his own personal use,” the release said.

The charges apply to three victims, although, according to statements made by the prosecutor at arraignment, the investigation has identified at least a dozen people that Monroe allegedly defrauded; the three investors gave Monroe more than $1.26 million, which he diverted for his personal use.

Monroe told investors to write him personal checks, which he deposited into his personal operating account, and then used the money to “pay older investors and maintain a lavish lifestyle,” said the release.

He specifically advertised his services, through Capital Financial Planning, for “clients who have amassed a significant level of assets and seek to take advantage of advance advisory programs.”

He also created false financial statements to give to clients when they asked about the status of their investments, the release said.

Monroe allegedly used the money for hotels, airline tickets, mortgage payments, and credit card payments.

The Attorney General’s investigation of the case continues.

If Monroe is convicted, he faces up to 25 years in prison.