Maryland financial advisor receives 18-month jail sentence for theft and fraud

A Maryland financial advisor has been sentenced to 18 months in jail for committing felony theft, securities fraud, and exploiting a vulnerable adult, as per the announcement by the Maryland Attorney General’s office on Tuesday. Andrew Joseph Egber, 61, previously from Gaithersburg, Maryland, now residing in Culver City, California, received this sentence along with a five-year probation period and a restitution order of $545,831. Egber, who worked as a financial services provider for institutions like Wells Fargo, Raymond James, and Steward Partners in Maryland, defrauded five investors through a fraudulent real estate investment scheme from 2015 to 2019.

The modus operandi employed by Egber involved deceiving elderly clients into withdrawing money from their retirement investment accounts under the guise of investing in real estate opportunities. Instead of actually investing these funds, Egber would instruct the clients to send the withdrawn amounts to him as personal checks directly made out to him for the supposed investments. He then fabricated false statements to financial institutions to account for the withdrawn funds. Instead of investing in real estate on behalf of his clients, Egber siphoned off the money into his personal checking account, using the stolen sums for his personal expenses without their knowledge or consent.

Attorney General Brown, through a press release, condemned Egber’s actions, highlighting the significance of holding accountable financial advisors who betray the trust of Marylanders and unlawfully appropriate their hard-earned savings. Egber pleaded guilty on February 20, 2026, to two counts of felony theft exceeding $100,000, exploitation of a vulnerable adult, and securities fraud. As per the judgment, he will serve 18 months in jail followed by five years of probation. Any violation of the probation terms could result in an additional penalty of up to eight years and six months of incarceration.

This case underscores the importance of ensuring that financial advisors adhere to ethical standards and refrain from exploiting their clients for personal gain. The sentencing of Egber serves as a warning to others in the industry that such fraudulent practices will not be tolerated, and those found guilty will face severe consequences. By meting out appropriate punishments to perpetrators of financial crimes, the authorities aim to protect the financial well-being and security of vulnerable individuals, particularly the elderly, who are often the targets of such deceitful schemes.

In conclusion, the sentencing of Andrew Joseph Egber for theft, securities fraud, and exploitation of a vulnerable adult highlights the critical need for stringent oversight in the financial services sector. It underscores the importance of upholding integrity and trust in all client-advisor relationships to safeguard against financial exploitation and fraud.