A former financial services provider from Glen Burnie, Maryland, Clarence Woods Jr., 62, has pleaded guilty to running a Ponzi-style investment scheme and stealing funds from clients, according to the Maryland Attorney General’s Office.
Woods operated two fraudulent schemes while working as a financial services provider. The first involved a Ponzi scheme that defrauded 13 investors out of more than $380,000. The second scheme saw Woods transferring over $200,000 from a client’s bank account into his personal account.
Maryland Attorney General Anthony Brown emphasized the severity of the betrayal, stating, “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.” The Attorney General’s office is committed to holding such offenders accountable.
On September 4, Woods pleaded guilty to two counts of felony theft over $100,000 and one count of fraud related to securities sales. He owes $573,161 in restitution to 16 victims and is scheduled for sentencing on October 30.
In related news, other recent financial crimes in Maryland include a Baltimore County couple, James and Maureen Wilson of Owings Mills, who were sentenced for a 25-year insurance fraud and money laundering scheme involving over 40 life insurance policies and more than $20 million in fraudulent gains. The Wilsons face probation and must pay $16 million in restitution to victims, plus $2.7 million to the U.S.
Earlier this year, a Baltimore man pleaded guilty to stealing over $82,000 from Maryland’s Child and Adult Care Food Program through fraudulent reimbursement claims, highlighting ongoing concerns about financial fraud in the state.
