Maryland Man Sentenced to 13 Years for Ponzi Scheme
Garfield M. Taylor of Rockville, Maryland was recently sentenced to 13 years in prison for operating a Ponzi scheme that cost investors more than $28 Million in losses. Taylor convinced investors to invest with him by promising them substantial returns on their investments, telling them that he used a sophisticated securities trading strategy that protected against loss and claiming that he had a proven track record of using the strategy. Taylor either lost money or made minimal profits far below what he owed, so he was forced to use principal invested by newer investors to pay interest owed to older investors.
If you think you may have fallen victim to a Ponzi scheme or other investment fraud, please contact the Baltimore Investment Fraud Recovery Law Firm of West & West for a free initial consultation.