Maryland Attorney General Anthony Brown announced that Clarence Woods Jr., 63, of Glen Burnie, MD, was sentenced for running a Ponzi-style scheme that defrauded 13 investors of more than $380,000 and for stealing an additional $175,000 from a client’s bank account, totaling over $550,000 stolen from 16 victims.
Woods was sentenced to 18 months in jail, five years of supervised probation, and ordered to pay $573,161 in restitution, with more than 18 years of backup time if he violates probation.
Per the news release distributed on Friday, November 22: “Attorney General Anthony G. Brown today announced the sentencing of Clarence Woods, Jr., 63, of Glen Burnie, Maryland, on two counts of felony theft scheme over $100,000 and one count of fraud in connection with the offer and sale of securities. Woods, a former financial services provider, used a Ponzi-style fraudulent investment scheme to defraud 13 investors out of over $380,000. Additionally, Woods stole over $175,000 through a separate theft scheme, where he fraudulently transferred money out of a client’s bank account and deposited it into his own personal bank account. In total, he stole over $550,000 from 16 victims…