Per the Maryland Office of the Attorney General: Attorney General Brian E. Frosh today announced the convictions of Eugene Fusting, 79, and Christopher Ian Fusting, 52, of Baltimore relating to their operation of a Ponzi-like investment scheme between 2012 and 2019. Eugene and Christopher Fusting were found guilty of Theft Scheme Over $100,000 and Conspiracy to Commit Theft Scheme Over $100,000 after pleading guilty in the Circuit Court for Baltimore City. Judge Melissa Phinn sentenced both Eugene and Christopher Fusting to 30 years in prison, all of which were suspended. Eugene will serve 18-months of home detention and Christopher will serve 12-months of home detention. Judge Phinn also ordered the Fustings to serve 5 years of supervised probation and pay restitution in the amount of $808,745.00.
Both Eugene and Christopher Fusting held brokerage accounts in their individual names at an online securities and brokerage firm where they would, on occasion, wire a portion of the funds they received. However, instead of utilizing these accounts to invest the funds, the brokerage accounts served as a conduit for investor funds, where investors’ money sat until the balances on the Fustings’ individual bank accounts waned, at which time funds were wired out of the brokerage accounts back to the personal accounts and spent on personal expenses. Neither Fusting had any additional source of income and relied on the stolen funds to support their lifestyles.