Andrew Joseph Egber, a former financial advisor who operated in Montgomery County, Maryland, has been sentenced to jail time and ordered to pay significant restitution for defrauding elderly clients through a fraudulent real estate investment scheme. The announcement comes from the Maryland Attorney General’s Office and details Egber’s conviction for felony theft, exploitation of a vulnerable adult, and securities fraud.
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Egber, a 61-year-old resident of Culver City, California, who previously lived in Gaithersburg, Maryland, was found to have deceived five investors between 2015 and 2019. His scheme involved convincing elderly clients to withdraw funds from their retirement accounts, which he then claimed would be invested in a real estate opportunity. The investigation revealed that Egber instructed his clients to issue personal checks directly to him for these supposed investments. He also reportedly made false statements to financial institutions to facilitate these withdrawals. Instead of investing the money as promised, Egber deposited the funds into his personal checking account and used the money for his own expenses.
On February 20, 2026, Egber pleaded guilty to two counts of felony theft exceeding $100,000, one count of exploitation of a vulnerable adult, and one count of securities fraud. He was sentenced by Judge David W. Lease of the Circuit Court for Montgomery County to 18 months in jail. Following his incarceration, Egber will be subject to five years of probation. Any violation of his probation could result in an additional prison sentence of up to eight years and six months. The court also mandated that Egber pay $545,831 in restitution to his victims.
This case was investigated and prosecuted by the Maryland Attorney General’s Fraud and Corruption Unit and Securities Division. The Attorney General’s office emphasized its commitment to holding financial advisors accountable when they exploit the trust of Maryland residents.
Article by Mel Anara, based upon information from the Maryland Attorney General’s Office.
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