Financial Advisor Sentenced for Theft and Securities Fraud

AG: Maryland News

Filed March 3rd, 2026

Detected March 17th, 2026

Summary

The Maryland Attorney General announced the sentencing of Andrew Joseph Egber, a former financial advisor, to 18 months in jail for felony theft, securities fraud, and exploitation of a vulnerable adult. Egber defrauded five investors out of over $545,000 through a fraudulent real estate investment scheme.

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What changed

The Maryland Attorney General's Office has announced the sentencing of Andrew Joseph Egber, a former financial advisor, to 18 months in jail followed by five years of probation. Egber pleaded guilty to felony theft, securities fraud, and exploitation of a vulnerable adult for defrauding five investors between 2015 and 2019. He used a fraudulent real estate investment scheme, deceiving elderly clients into withdrawing funds from retirement accounts, which he then deposited into his personal account and used for personal expenses.

This case highlights the severe consequences for financial advisors who engage in fraudulent practices, particularly against vulnerable populations. Egber has been ordered to pay $545,831 in restitution to the victims. Financial institutions and advisors should be aware of the increased scrutiny on investment schemes and the importance of safeguarding client assets, especially those of elderly or vulnerable individuals. Non-compliance can lead to significant jail time, probation, and substantial restitution orders.

What to do next

Review internal controls for preventing fraudulent investment schemes.
Reinforce training for advisors on ethical conduct and fiduciary duties, especially concerning vulnerable clients.
Ensure compliance with all state and federal securities regulations regarding client fund management and investment disclosures.

Penalties

18 months in jail, 5 years probation, $545,831 in restitution, potential additional 8 years and 6 months incarceration if probation is violated.

Source document (simplified)

Former Montgomery County Financial Advisor Sentenced to Jail for Felony Theft, Securities Fraud, and Exploitation of a Vulnerable Adult

Published: 3/3/2026

FOR IMMEDIATE RELEASE

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410-576-7009

BALTIMORE, MD – Attorney General Anthony G. Brown today announced the guilty plea and sentencing of Andrew Joseph Egber, 61, of Culver City, California, formerly of Gaithersburg, Maryland. Egber previously worked as a financial services provider in Maryland for Wells Fargo, Raymond James, and Steward Partners. The investigation was led by the Attorney General’s Fraud and Corruption Unit and Securities Division.

Egber used a fraudulent real estate investment scheme to defraud five investors between 2015 and 2019. He deceived his elderly clients into withdrawing money from their retirement investment accounts which he claimed he would put toward a real estate investment opportunity. Egber then instructed his clients to give him the withdrawn money, in the form of personal checks made payable to Egber directly, for this supposed real estate investment. Egber also made false statements to the financial institutions to justify the withdrawals. 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 stole the money. Egber then used the stolen funds for his own personal expenses.

On February 20, 2026, Egber pleaded guilty to two separate counts of felony theft over $100,000, one count of exploitation of a vulnerable adult, and one count of securities fraud before the Honorable David W. Lease of the Circuit Court for Montgomery County. Egber was sentenced to serve 18 months in jail. Upon his release from incarceration, Egber will be on five years of probation. If he violates his probation, he will face up to an additional eight years and six months of incarceration. He has also been ordered to pay $545,831 in restitution.

“This defendant stole money his elderly clients spent a lifetime saving,” said Attorney General Brown. “Our Office will always hold financial advisors accountable when they steal from the Marylanders who trust them.”

In making today’s announcement, Attorney General Brown thanked his Criminal Division and Securities Division, specifically Fraud and Corruption Unit Chief Alexander Huggins, Financial Investigator Harry Armstrong, and Assistant Attorney General Ryan Cornell, who prosecuted this case. Finally, Attorney General Brown thanked Montgomery County police detective Michael Adami and State’s Attorney for Montgomery County John McCarthy for their assistance with this investigation and prosecution.