Germantown Man Pleads Guilty To Theft, Investment Fraud Charges

MONTGOMERY COUNTY, MD — A Germantown man pleaded guilty this week to several charges after authorities said he illegally worked as an investment adviser and stole nearly $130,000 from a client.

Ansoumane Camara, 35, pleaded guilty in Montgomery County Circuit Court to one count of theft of $100,000 or more and one count of fraud in connection with the offer and sale of investment advice, Maryland Attorney General Anthony Brown announced in a news release.

According to prosecutors, Camara formed Camara Enterprises in 2019 and started working as an investment adviser and solicited clients despite not being registered to do so in the state of Maryland.

Prosecutors said Camara helped a client with no prior investment experience open an investment account with a brokerage. Camara then managed her account while using risky trading strategies, charging illegal fees, and failing to provide required disclosures, prosecutors said.

Over the next 18 months, Camara persuaded the client to deposit a total of $205,000 into the account. According to court documents, Camara stole money from the account at least six times and took approximately $129,966.

Prosecutors said Camara then used the money to pay off credit cards, withdraw cash, pay a family member, lease a car, buy a car for another family member and make a down payment on a house.

Camara is scheduled to be sentenced on Nov. 6.