Maryland Attorney General Anthony G. Brown announced on Wednesday that a former financial services provider has been sentenced to 18 months in prison for orchestrating a Ponzi-style investment scheme and embezzling over half a million dollars from clients.
Clarence Woods Jr., 63, from Glen Burnie, entered a guilty plea in September to two counts of felony theft exceeding $100,000 and one count of securities fraud. Prosecutors revealed that Woods deceived 13 investors out of more than $380,000 through a fraudulent investment scheme, and additionally stole $175,000 by diverting funds from a client’s bank account into his own. In total, he misappropriated over $550,000 from 16 victims.
“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,” said Attorney General Brown. “Our Office will always hold accountable those who exploit their position to defraud Marylanders and jeopardize their financial security.”
On October 30, Circuit Court Judge Mark W. Crooks sentenced Woods to 18 months in the Anne Arundel County Detention Center, followed by five years of supervised probation. He was also ordered to pay $573,161 in restitution. Should he breach the terms of his probation, he could face more than 18 additional years behind bars.
Woods’ conviction is part of a broader initiative to combat financial crimes that exploit vulnerable investors, according to Brown’s office.
