Maryland financial advisor pleads guilty to defrauding clients
A former financial services provider from Glen Burnie pleaded guilty to running a Ponzi-style investment scheme, according to the Maryland Attorney General's Office.
Clarence Woods Jr., 62, Woods operated two separate fraudulent schemes while working as a financial services provider, the AG's office said.
In the first scheme, he used a Ponzi-style operation to defraud 13 investors out of more than $380,000, according to the AG's office.
In the second, he stole more than $200,000 by transferring funds from a client's bank account to his personal account.
Woods owes $573,161 in restitution to 16 victims, the AG said.
"When financial professionals abuse the trust Marylanders place in them, they don't just steal their clients' money — they steal their peace of mind and threaten their families' financial futures," Maryland Attorney General Anthony Brown said. "Our office will always hold accountable those who exploit their position to defraud Marylanders and jeopardize their financial security."
On Sept. 4, Woods pleaded guilty to two counts of felony theft over $100,000 and one count of fraud in connection with the offer and sale of securities.
Woods is scheduled for sentencing on Oct 30.
Similar cases in Maryland
In July, a Baltimore County man was sentenced to prison time for an insurance fraud and money laundering scheme that spanned 25 years, according to the Department of Justice.
James and Maureen Wilson, of Owings Mills, conspired to defraud insurance companies by opening more than 40 life insurance policies, according to court documents.
The Wilsons collected more than $20 million from their scheme, the DOJ said.
A judge ordered both James and Maureen Wilson to serve three years of probation following their prison sentences. They were also ordered to pay $16 million in restitution to the victims of their scheme and $2.7 million to the U.S.
In February, a Baltimore man pleaded guilty to stealing over $82,000 from Maryland's Child and Adult Care Food Program through fraudulent reimbursement claims.
