A former Montgomery County financial advisor was sentenced to serve 18 months in jail on charges of felony theft, securities fraud and exploitation of a vulnerable adult.
Andrew Joseph Egber, 61, a former resident of Gaithersburg, pled 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.
Egber had worked as a financial services provider in Maryland for Wells Fargo, Raymond James and Steward Partners.
According to the Maryland Attorney General’s division of Fraud and Corruption Unit and Securities Division, Egber used a real estate investment scheme to defraud five investors between 2015 and 2018. He was accused of deceiving elderly clients into withdrawing money from their retirement accounts for a real estate investment opportunity.
The senior adults made out personal checks to Egber, according to the Attorney General’s office. He then used the stolen funds for his expenses.
After leaving jail, he will be on probation for five years. 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 Anthony Brown.
