FINRA permanently barred Andrew Joseph Egber, a former financial advisor at Wells Fargo Clearing Services, after Maryland authorities secured a guilty plea in a scheme that drained $545,831 from elderly investors. The 61-year-old broker instructed clients to liquidate retirement assets and write personal checks directly to him between 2015 and 2018, according to the Maryland Attorney General’s Office. Instead of investing the funds, prosecutors say Egber used the money for personal expenses including car and mortgage payments.
What happened
Egber was registered with several major firms during his career. His employment history includes Steward Partners Investment Solutions from 2022 to 2024, Raymond James Financial Services, and Wells Fargo Clearing Services. According to public BrokerCheck records, Egber’s CRD number is 1894585. He held registrations in multiple states and carried licenses including the Series 7 and Series 66.
The criminal case unfolded after investigators uncovered a real estate investment scheme pitched to retirement-age clients. Egber allegedly represented the investments as legitimate opportunities with secure returns. Victims liquidated existing retirement holdings to participate. Checks were written directly to Egber rather than to a third-party custodian or escrow account, a red flag that supervisory review should have caught.
Maryland Attorney General Anthony Brown stated publicly that Egber stole money his elderly clients spent a lifetime saving. The case highlights how fraud against older investors often goes undetected for years because perpetrators exploit trust built over long advisory relationships.
Key facts
| Finding | Detail |
|---|---|
| Broker name | Andrew Joseph Egber |
| CRD number | 1894585 |
| Primary firm | Wells Fargo Clearing Services, LLC |
| Restitution ordered | $545,831 |
| Criminal sentence | 18 months jail, 5 years probation |
| Charges | Two counts felony theft over $100K, exploitation of vulnerable adult, securities fraud |
| Guilty plea date | February 20, 2026 |
| FINRA action | Permanent bar for non-cooperation |
The firm impact
Wells Fargo Clearing Services has faced repeated regulatory scrutiny over broker misconduct. While the firm was not named as a defendant in the criminal case, investor advocates argue that brokerage supervisors bear responsibility for detecting unusual account activity. Liquidation of retirement assets followed by checks to an advisor’s personal name represents a classic warning sign that compliance departments are trained to identify.
Egber’s BrokerCheck profile now shows a criminal disclosure and a regulatory bar. The permanent bar prevents him from ever associating with a FINRA member firm again. For affected clients, the criminal restitution order may recover only a fraction of total losses after years of legal process.
Red flags that should have been caught
Several warning signs appeared during Egber’s advisory relationship with clients. Checks written personally to a broker bypass custodial safeguards and should trigger immediate compliance review. Retirement account liquidations without documented client-initiated requests represent another supervisory red flag.
BrokerCheck records indicate Egber had moved between multiple firms in recent years. Frequent firm changes can signal underlying compliance concerns. Adequate due diligence by hiring firms includes reviewing prior disclosure history, customer complaints, and termination explanations.
What investors should do
Investors who worked with Andrew Egber should review their account statements for any unauthorized liquidations, transfers, or checks written to the advisor personally. Documentation of losses, correspondence, and account history strengthens any subsequent claim. Time limits apply to securities arbitration and civil recovery actions, so early review matters.
Family members of elderly investors should monitor accounts for sudden changes in asset allocation, unexpected withdrawals, or new investment vehicles that the advisor cannot explain in plain language. Fraud against seniors frequently involves long-term trusted relationships, which makes detection harder and recovery more urgent.
How to recover your losses
Investors who suffered losses related to this matter may wish to consult a qualified securities attorney to review their options. Arbitration through FINRA can result in compensation for unsuitable recommendations, unauthorized trading, and supervisory failures. Most claims operate on a contingency basis, meaning no upfront legal fees are required.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis — no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in recovery cases. The earlier you act, the stronger your position. The firm offers a free case evaluation to assess your losses, review your account history, and explain your options under arbitration or settlement.
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