Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Wealth Advisor Garfield Taylor Indicted for $25 Million Ponzi Scam

Maryland Wealth Advisor Indicted in Alleged $25M Ponzi Scheme

Rockville, Maryland wealth advisor Garfield M. Taylor has been indicted on fraud charges related to an alleged Ponzi scheme that authorities say cost investors nearly $25 million.

According to the seven-count indictment, Taylor allegedly convinced investors to invest with him by promising large returns. He also allegedly claimed that he used a sophisticated securities trading strategy that was proven to protect against loss. Prosecutors, however, say the reality was far different.

Instead of investing the funds as promised, Taylor allegedly used a substantial portion of the investors’ funds to make “interest” payments to earlier investors. He also allegedly never used the trading strategy he told investors he would use. Any funds he did manage to invest allegedly made either minimal profits or were lost.

Taylor was one of six people charged with the alleged scheme by the SEC in 2011. The SEC’s civil complaint accused Taylor and his co-defendants of defrauding more than 130 investors out of more than $27 million over the course of five years. According to the complaint, Taylor and the others promised investors annual returns of around 20% with little to no risk.

The criminal indictment against Taylor was returned on Feb. 21. It charged him with wire fraud, securities fraud, and the unlawful sale of unregistered securities. Taylor pleaded not guilty at his arraignment on Feb. 28, according to the U.S. Attorney’s Office for the District of Columbia. For additional information in the Garfield Taylor investment fraud case, click here.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram