Chevy Chase Man Charged With Wire Fraud Related To A Scheme To Steal $750K From A Non-Profit Organization

GREENBELT, Md. (WJZ) — A Chevy Chase antheral is facing national charges for allegedly posing arsenic an concern advisor to bargain astir $800,000 from a non-profit enactment that provides services for wounded veterans.

Officials said 70-year Brian McQuade has been charged with ligament fraud related to a strategy to bargain $750,000 from a non-profit enactment providing services to subject veterans.

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According to the indictment, from June 2018 until Aug. 2021, McQuade perpetrated a fraud strategy to get wealth from a non-profit organization. Officials said McQuade allegedly held himself retired arsenic an concern advisor to clients falsely telling clients that helium would negociate concern accounts connected their behalf. He would alternatively misappropriate the funds provided by clients for his idiosyncratic use.

The indictment besides alleges that McQuade stated that helium worked arsenic an concern advisor done an entity called Columbia Financial Advisors, LLP. He has not been affiliated with the accounting steadfast since astatine slightest 2015. He besides represented to the Foundation that helium was a licensed, registered concern advisor. McQuade allegedly told the Foundation that helium would spot the Foundation’s funds successful a brokerage relationship that helium would negociate connected behalf of the Foundation.

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On McQuade’s representations, the Foundation wired him $750,000 to put connected the Foundation’s behalf. The indictment states that McQuade ne'er opened a brokerage relationship connected behalf of the Foundation and helium misappropriated the Foundation’s funds for his idiosyncratic benefit, including transferring the funds to idiosyncratic accounts and spending the wealth connected restaurants, state nine dues, luxury car payments, mortgages and different idiosyncratic items.

To conceal his misappropriation of the Foundation’s funds, McQuade allegedly continued to marque misrepresentations to the Foundation astir their investment—even providing a fabricated relationship statement.

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If convicted, McQuade faces a maximum condemnation of 20 years successful national situation for each of 2 counts of ligament fraud.

CBS Baltimore Staff