On Friday, Ansoumane Camara of Germantown, MD was sentenced to 18 months in prison for securities fraud and felony theft exceeding $100,000, after pleading guilty to defrauding a client of $129,966 through unregistered investment services; he was also ordered to repay the stolen amount and serve five years of probation.
According to the Maryland Attorney General’s Office, “Attorney General Anthony G. Brown announced today that Ansoumane Camara, 35, of Germantown, Maryland, was sentenced for securities fraud and a felony theft scheme exceeding $100,000 in connection with the offer and sale of investment advice. In July 2024, Camara pleaded guilty to the charges.
Judge Eric M. Johnson of the Circuit Court for Montgomery County sentenced Camara to 15 years of incarceration, suspending all but 18 months. Judge Johnson also ordered Camara to complete five years of probation upon his release and to repay $129,966 in restitution to his victim.
The investigation was led by the Fraud and Corruption Unit and the Securities Division of the Maryland Office of the Attorney General. It revealed that in 2019, Camara formed Camara Enterprises, presenting himself as an investment manager and soliciting clients for investment advisory and management services. Neither Camara nor Camara Enterprises was registered in Maryland as an investment adviser, investment adviser representative, broker-dealer, or agent as required by the Maryland Code, Corporations and Associations Article, Title 11, Subtitle 4.
The investigation found that Camara assisted a client, a woman in her mid-60s with no prior investment experience, in opening an investment account with a brokerage. He managed the account using risky trading strategies, charged illegal fees, and failed to provide necessary disclosures. Between February 2020 and March 2021, Camara persuaded the client to deposit a total of $205,000 into the account, from which he stole at least $129,966.
Camara used the stolen funds to lease a car, purchase a vehicle for family members, pay off credit cards, withdraw cash for personal use, and make a down payment on a house in Germantown.
In making today’s announcement, Attorney General Brown thanked the Criminal Division, the Fraud and Corruption Unit, the Securities Division, Assistant Attorney General William Elman, and Investigative Auditor Harry Armstrong. He also expressed gratitude to Montgomery County State’s Attorney John McCarthy for his assistance in the prosecution.
For more information, visit: www.marylandattorneygeneral.gov”