Maryland man charged with defrauding local investors
Published 2:37 pm Tuesday, May 31, 2016
By NEAL WAGNER / Managing Editor
COLUMBIANA – A 56-year-old Maryland man is facing multiple felony charges after he allegedly defrauded two Shelby County residents during a string of 2014 securities fraud incidents.
During its February session, a Shelby County grand jury returned a six-count indictment against Terrell Chambers, who lists an address on Hollywell Court in Bowie, Md.
The indictment charged Chambers with four felony counts of misrepresenting securities sales, one felony count of fraud in the sale of securities and one felony count of first-degree theft of property.
After the grand jury returned the indictments and issued warrants against Chambers, he was taken into custody on May 20. He was released from the Shelby County Jail in May 26 after posting bonds totaling $60,000.
Fraud in the sale of securities and first-degree theft of properties are each Class B felonies, and carry a maximum prison sentence of 20 years upon conviction. Misrepresenting securities sales is a Class C felony, and is punishable by up to 10 years in prison upon conviction.
The indictments claim Chambers committed the following criminal acts:
-In March 2014, Chambers allegedly sold two Shelby County victims an investment contract falsely claiming if the victim “would invest funds with the defendant, that the defendant would pay dividends to (the victim) and the defendant could use the payment of dividends … as a tax benefit.”
-When selling the investment contract to the Shelby County victims, Chambers allegedly did not disclose the contract was not registered. Chambers also allegedly failed to disclose he had previously “taken other investor funds falsely representing to them that their dividends could be used as a tax benefit,” had failed to disclose he had civil judgments against him by pervious investors, had failed to disclose he had previously filed bankruptcy and failed to disclose he had been terminated by his employer.
-Chambers allegedly stole $5,725 from one of the Shelby County victims.
Chambers is scheduled for arraignment on July 11 at 8:30 a.m.