A former Maryland financial advisor was sentenced to 18 months in jail, to be followed by five years of probation, for defrauding elderly investors in a real estate scam.
Andrew Joseph Egber previously worked as a financial services provider in Maryland for Wells Fargo, Raymond James, and Steward Partners. According to the charges brought against him, Egber used a fraudulent real estate investment scheme to defraud five of his elderly clients between 2015 and 2019. The clients withdrew money from their retirement investment accounts, which Egber claimed he would put toward a real estate investment opportunity. The withdrawn money was given to Egber in the form of personal checks made payable to him.
Rather than use the funds for a real estate investment for his clients, Egber simply deposited the funds into his own personal checking account and later used the money for his own personal expenses.
Egber pleaded guilty on Feb. 20 to two separate counts of felony theft over $100,000, one count of exploitation of a vulnerable adult, and one count of securities fraud. In addition to his incarceration, he was ordered to pay $545,831 in restitution.
“This defendant stole money his elderly clients spent a lifetime saving,” said Maryland Attorney General Anthony Brown. “Our office will always hold financial advisors accountable when they steal from the Marylanders who trust them.”
