Follow @USApostille
![]() Our Videos |
March 2, 10
NEWS / Annapolis Mortgage Broker Pleads Guilty in $2.3 Million Fraud SchemeStole Millions of Dollars to Day Trade and Pay Personal and Business Expenses BALTIMORE, MD—David Wehrs, Sr., age 54, of Annapolis, Maryland, pleaded guilty today to wire fraud in connection with a scheme to defraud investors and financial institutions of more than $2.3 million. The charge was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation. According to his plea agreement, Wehrs owned Maryland Title and Escrow Company, Inc., located in Annapolis, and operated a small home remodeling company called Show-Me. From 2007 to October 2009, Wehrs induced individuals to invest money through Maryland Title into a purported FDIC-insured money market fund that Wehrs “guaranteed” would pay monthly interest payments of 10.85%. Instead of depositing the money into an “American Funds Fixed Rate Money Market” as promised, Wehrs deposited investor funds into one of two bank accounts he controlled in the name of his title company. Wehrs wire transferred a large portion of these investor funds to a brokerage account in the name of his title company, then used the money to “day trade.” Day trading is the rapid buying and selling of securities throughout the day in the hope that the stocks will continue climbing or falling in value for the seconds to minutes that they are owned, allowing a person to lock in quick profits. During the scheme, Wehrs conducted millions of dollars of stock trades per month. From early 2008 until mid-2009, Wehrs lost approximately $1 million. In addition to day trading, Wehrs used some of the investor funds to: pay “monthly interest” and “redemptions” to other investors; pay expenses of his other businesses, including Show-Me; make escrow payments for his title company; buy real estate and personal property; and pay other personal expenses. Wehrs admitted that in June 2009, when he had no money left in his personal bank accounts or day trading accounts to pay interest due to investors, he used $630,611 earmarked to pay lending institutions for mortgage payoffs from his escrow account at Maryland Title to pay investors, causing that amount of loss to the title insurance company for Maryland Title. He also used $100,000 from the Maryland Title escrow account that was earmarked as earnest money for the purchase of an individual’s home to pay interest to investors, causing a loss of $100,000 to the home buyer. The total loss as a result of Wehrs’ scheme is $2,371,061 to investors and the title insurance company. U.S. District Judge Benson Everett Legg has scheduled sentencing for May 19, 2010 at 3:00 p.m. Wehrs faces a maximum sentence of 20 years in prison. As part of his plea agreement, Wehrs is required to pay restitution of $2,371,061 and to forfeit any assets derived from the scheme. Any forfeited assets will be applied to the restitution amount. Mr. Rosenstein and Mr. McFeely gave special thanks to the Securities and Exchange Commission and the Maryland Insurance Administration for their work in the investigation and prosecution of this case. United States Attorney Rod J. Rosenstein commended Assistant United States Attorney Tonya Kelly Kowitz, who is prosecuting the case. http://baltimore.fbi.gov/dojpressrel/pressrel10/ba030110.htm |
Do you need
We do Retrieval, Preparation and Legalization.
Power of attorney
Vital records
Birth certificate
Marriage Certificate
Single Status Affidavit
No Record of a Marriage
Certificate of No Marriage Record
Divorce Certificate
Divorce Decree
Death certificate
Criminal Record
Certificate of good conduct
Criminal Background Check
Foreign Driver License
Documents for transportation of the Deceased
Children's Travel Consent Letter
Evaluation of Foreign Education Credentials for US
Letter of Invitation for USA Visa
Documents for Avoiding Double Taxation
|
TestimonialsNiranjan SujayI recently used LOGOS INTERNATIONAL for the translation of my bachelor’s certificate, and I couldn’t... Read More » Katia Nagata As a foreigner, I needed a certified translation, so I called the DOE to give me a list of the ce... |
FAQStarting a BusinessRead More » Q: What about military and other U.S. government employees stationed abroad? Read More » Labor Day Read More » Who oversees or administers the liquidation in a chapter 7 case? What procedures apply? Read More » |
Quick Menuapostille North Dakotaapostille Indonesia apostille Cyprus apostille New Hampshire apostille Peru apostille France Corporate Resolution Opening representative offices apostille Costa Rica apostille Monaco apostille China (Hong Kong SAR) apostille Montenegro apostille Wisconsin apostille Rhode Island apostille Singapore apostille Antigua and Barbuda |
NewsFebruary 7, 25Non-resident alien students incorrectly classified as US tax residents, receive unauthorized $1,400 stimulus payment Read More » February 3, 25 Cause of death of North Carolina woman “gunshot wound of head,” according to death certificate Read More » January 24, 25 Maryland lawmakers seek to allow third gender marker on birth certificates Read More » January 21, 25 US President Donald Trump scraps global corporate minimum tax deal Read More » |