A former financial services provider from Glen Burnie, Maryland, has pleaded guilty to felony charges related to a substantial theft scheme and securities fraud. The Attorney General’s office announced the guilty plea of Clarence Woods, Jr., 62, who is accused of defrauding 13 investors of more than $380,000 through a Ponzi-style investment scheme. In addition to the fraudulent investment activities, Woods also admitted to stealing over $200,000 from a client’s bank account through a separate theft scheme, ultimately transferring these funds into his personal accounts.
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The total restitution Woods owes to his 16 identified victims amounts to $573,161. The plea agreement, entered on September 4, 2025, before Judge Mark W. Crooks in the Circuit Court for Anne Arundel County, includes two counts of felony theft scheme exceeding $100,000 and one count of fraud in connection with the offer and sale of securities. Woods is scheduled for sentencing on October 30, 2025. This case highlights the potential risks individuals face when entrusting their financial well-being to professionals who then exploit that trust. Marylanders who have been victims of financial fraud are encouraged to report such incidents to the Attorney General’s office.
Article by Mel Anara, based upon information from the Maryland Attorney General.
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