MARYLAND (WBFF) — A Maryland financial advisor was sentenced to over a year in jail for felony theft, securities fraud, and exploitation of a vulnerable adult, the Maryland Attorney General’s office announced Tuesday.
Andrew Joseph Egber, 61, of Culver City, California, formerly of Gaithersburg, Maryland, was sentenced to 18 months in jail followed by five years of probation, and is ordered to pay $545,831 in restitution, officials reported.
Officials reported that Egber worked as a financial services provider in Maryland for Wells Fargo, Raymond James, and Steward Partners, and from 2015 to 2019, he used a fraudulent real estate investment scheme to defraud five investors.
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Egber would deceive elderly clients into withdrawing money from their retirement investment accounts, claiming he would invest it in a real estate opportunity.
He then instructed clients to send him the withdrawn funds as personal checks made out to him directly for this investment. After that, he’d make false statements to the financial institutions to justify the funds that were withdrawn.
Instead of using the funds for real estate investments on behalf of his clients, he deposited the money into his personal checking account and then used the stolen money for his own personal expenses, according to officials.
“This defendant stole money his elderly clients spent a lifetime saving,” said Attorney General Brown, via press release. “Our Office will always hold financial advisors accountable when they steal from the Marylanders who trust them.”
On Feb. 20, 2026, Egber pled guilty to two counts of felony theft over $100,000, one count of exploitation of a vulnerable adult, and one count of securities fraud.
Egber now will serve the next 18 months in jail and five years of probation.
Officials noted that if he violates his probation, he will face up to an additional eight years and six months of incarceration.