FORMER SILVER SPRING MAN SENTENCED IN INVESTMENT SCHEME
Baltimore -Attorney General J. Joseph Curran, Jr. announced today that Terrance McGary, 31, of Denver, Colorado, formerly of Silver Spring, Maryland, was sentenced as a result of his guilty plea entered to one count of felony theft. McGary entered a plea of guilt to stealing over $85,900 of investment funds belonging to four separate investors in the years 1996 and 1997.
Montgomery County Circuit Court Judge S. Michael Pincus sentenced McGary to a seven-year suspended sentence and placed McGary on probation for a period of seven years. McGary was ordered to pay $85,979.75 as restitution to the four victims, a $1,000 fine and perform 250 hours of community service. McGary further waived extradition rights in the event of future Maryland court proceedings.
McGary portrayed himself as an investment and securities advisor and solicited monies from the victims, promising almost risk-free returns on their investments. 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.
"Mr. McGary simply misrepresented himself and misled ‘clients’ about financial returns on their investments," Attorney General Curran said. "I urge all potential investors to contact our Securities Division to verify the registration of a broker or advisor."
This case was referred to the Office of the Attorney General by the Maryland Securities Division, who conducted the investigation which resulted in Mr. McGary’s being administratively disciplined, and criminally charged.