NEWS RELEASE
Office of Maryland Attorney General J. Joseph Curran, Jr.


July 16, 2001 Media Inquiries: Sean Caine 410-576-6357

DENVER MAN CHARGED WITH FELONY THEFT OF $85,900 OF MARYLAND INVESTORS' MONIES

Baltimore - Attorney General J. Joseph Curran, Jr. announced today that Terrance McGary, 31, of Denver, Colorado, formerly of Silver Spring, Maryland, has been served with a warrant for felony theft of approximately $85,900 of investment monies from four different victims. McGary received payments from these investors which were to be held as collateral to secure other investments. McGary never treated the funds as security, instead applying the investors' monies to his own expenses and other unauthorized purposes. McGary was disciplined by the Maryland Securities Division, which in addition to sanctioning him for acting as an investment and securities advisor while unlicensed, also barred him from future investment activities in Maryland.

Montgomery County Circuit Court Judge Michael Pincus released McGary on his own recognizance until Tuesday (July 17), when he will answer the charges.

Though the charge is merely an accusation of wrongdoing and every individual is presumed innocent unless the State proves the charges beyond a reasonable doubt, if convicted of this felony, McGary faces a maximum sentence of 15 years in prison and $1,000 in fines.

This case was referred to the Office of the Attorney General by the Maryland Securities Division, which conducted the investigation that resulted in Mr. McGary's being administratively disciplined, and criminally charged.

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