Barred Broker Andrew Egber Sentenced for Fraud
A former Maryland financial advisor, Andrew Egber (CRD #1894585), has reportedly been sentenced to jail following serious criminal charges involving theft, securities fraud, and exploitation of vulnerable clients.
According to the Maryland Attorney General’s Office, Egber, 61, pled guilty on February 20 to:
- Two counts of felony theft over $100,000
- One count of exploitation of a vulnerable adult
- One count of securities fraud
He has reportedly been sentenced to 18 months in jail, followed by five years of probation, and ordered to pay $545,831 in restitution to victims.
Criminal Scheme Targeted Elderly Investors
Authorities allege that Andrew Egber orchestrated a fraudulent real estate investment scheme between 2015 and 2018. During this time, he reportedly targeted elderly clients, convincing them to liquidate retirement assets for what he represented as legitimate investment opportunities.
Instead, prosecutors say Egber instructed investors to write personal checks directly to him and then allegedly misappropriated the funds for personal use.
Maryland Attorney General Anthony Brown stated:
“This defendant stole money his elderly clients spent a lifetime saving.”
Andrew Egber Barred by FINRA
In addition to the criminal case, Andrew Joseph Egber has also been barred from the securities industry by the Financial Industry Regulatory Authority.
FINRA’s bar was reportedly issued after Egber refused to provide requested documents and information during an investigation tied to allegations of client fund theft while employed at Wells Fargo Clearing Services, LLC.
A refusal to cooperate with a FINRA investigation often results in a permanent industry bar, preventing a broker from associating with any FINRA member firm.
Employment History and Background
According to public records and BrokerCheck disclosures, Andrew Egber was registered with several major brokerage firms, including:
- Steward Partners Investment Solutions, LLC (2022–2024)
- Raymond James Financial Services, Inc. (2018–2022)
- Wells Fargo Clearing Services, LLC (2009–2018)
The misconduct underlying the criminal charges reportedly occurred during his time servicing clients in Maryland.
Andrew Egber Complaints and Investor Claims
Public records indicate that Andrew Egber has faced customer complaints and disputes, including allegations involving outside investments. These types of claims often involve “selling away,” where a broker solicits investments not approved by their firm.
Investors searching for “Andrew Egber complaints,” “Andrew Egber lawsuit,” or “Andrew Egber Wells Fargo fraud” should be aware that both criminal proceedings and regulatory actions have now been brought against him.
Can Investors File a Lawsuit or Arbitration Claim?
Even when a broker faces criminal charges, investors may still need to pursue financial recovery through civil claims.
In many cases, brokerage firms such as Wells Fargo Advisors or Raymond James Financial Services may be held liable if they failed to properly supervise the advisor.
Through FINRA arbitration, investors may be able to recover losses caused by:
- Fraud or misrepresentation
- Unsuitable investment recommendations
- Selling away / private securities transactions
- Failure to supervise
Speak with a Securities Fraud Attorney
If you suffered losses related to Andrew Egber or similar misconduct, the attorneys at The White Law Group may be able to help.
Call (888) 637-5510 for a free consultation.
FAQs About Andrew Egber Complaints, Lawsuits, and Criminal Charges
1. What crimes was the broker convicted of?
Andrew Egber pled guilty to felony theft over $100,000, securities fraud, and exploitation of a vulnerable adult. These charges stem from a scheme involving elderly investors and misappropriated funds.
2. Can I file a lawsuit or claim if I lost money with this broker?
Yes. Investors may pursue recovery through FINRA arbitration claims against the brokerage firms that employed him, especially if there was a failure to supervise or prevent the misconduct.
3. Was Andrew Egber barred from the securities industry?
Yes. FINRA permanently barred Andrew Egber after he refused to cooperate with an investigation into alleged misconduct involving client funds.
