Maryland Attorney General Anthony G. Brown announced that Daniel Angcao Canubas, founder and CEO of Formicidae, LLC, pleaded guilty in Montgomery County Circuit Court to multiple felony charges, including theft schemes involving more than $100,000 from investors, theft of $25,000 to $100,000 from employees and contractors, and violating a securities order.
According to prosecutors, Canubas engaged in a fraud scheme between February 2021 and September 2023 that targeted investors, employees, and contractors.
Authorities said Canubas falsely represented Formicidae’s financial prospects while seeking investments, including claims of guaranteed returns, inflated revenue projections, and business opportunities that did not exist. Investigators determined the claims were unsupported by financial records and alleged that Canubas failed to repay investors who requested their money back. Prosecutors said the scheme resulted in approximately $294,250 in losses to ten investors. In addition, authorities said Canubas failed to pay three employees and contractors a total of $37,271 while withdrawing funds for personal use.
State officials also alleged that Canubas continued selling securities after being ordered by the Maryland Securities Commissioner in June 2022 to stop doing so. The order cited unregistered securities sales, failure to disclose risks, and the use of investor funds for personal expenses. Prosecutors said he continued selling securities to at least four additional investors, including an elderly client, after receiving the order. Sentencing is scheduled for December 17, 2026, in Montgomery County Circuit Court, where restitution to victims is expected to be addressed.
