Financial Executive Pleads Guilty to $540K Embezzlement Scheme

RICHMOND, Va. – Troy Baldridge, 48, of Richmond, pleaded guilty today to charges related to his role in an investment scheme that caused a loss of over $540,000.

According to the statement of facts filed with the plea agreement, Baldridge was a Senior Vice President and Director of Managed Investments at an investment brokerage in Glen Allen.  He also was a registered investment advisor and registered broker-dealer.  From September 2011 through July 2016, on at least 15 occasions, Baldridge transferred funds from client investment accounts to Baldridge’s own accounts for his own use.  Baldridge forged the requisite client signatures to effectuate the transactions when necessary.  In total, Baldridge embezzled $543,206.23 from various individual clients.  

Baldridge waived indictment and pleaded guilty to a criminal information.  Baldridge faces a maximum penalty of 20 years in prison sentenced on March 10, 2017. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory Sentencing Guidelines and other statutory factors.

Dana J. Boente, U.S. Attorney for the Eastern District of Virginia; Adam S. Lee, Special Agent in Charge of the FBI’s Richmond Field Office; and Terrence P. McKeown, Inspector in Charge of the Washington Division of the U.S. Postal Inspection Service, made the announcement after the plea was accepted by U.S. District Judge Henry E. Hudson.  Assistant U.S. Attorney Jessica D. Aber is prosecuting the case.

A copy of this press release may be found on the website of the U.S. Attorney’s Office for the Eastern District of Virginia.  Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 3:16-cr-148.