FORMER HOWARD COUNTY BROKER/DEALER INDICTED ON THEFT, SECURITIES CHARGES
Baltimore - Attorney General J. Joseph Curran, Jr., announced today that a former securities broker/dealer Kelvin Washington, 44, of the 6100 block of Llanfair Drive, Columbia, Maryland, was indicted on charges of theft, misappropriation by a fiduciary, and fraudulent securities practices relating to his execution of a power of attorney on behalf of his incapacitated father, Herbert Washington, Sr.
Though an indictment is merely an accusation of wrongdoing and every individual is presumed innocent unless the state proves the charges beyond a reasonable doubt, if convicted on all three counts, Kelvin Washington faces a maximum sentence of 23 years in prison, $51,000 in fines and could be ordered to pay $228,806 in restitution.
This case was referred to the Office of the Attorney General by the North Carolina Department of the Secretary of State, after Mr. Washington’s securities broker/dealer license was suspended in that state. In December 1998, the Securities Commission of Maryland issued an order that Kelvin Washington cease and desist and be barred from all activities as a securities broker/dealer in the State of Maryland. This matter has been investigated by the Maryland State Police and the Criminal Investigations Division of the Office of the Attorney General.