Department of Justice Press Release

For Immediate Release
March 1, 2010 United States Attorney's Office
District of Maryland
Contact: (410) 209-4800

Annapolis Mortgage Broker Pleads Guilty in $2.3 Million Fraud Scheme

Stole Millions of Dollars to Day Trade and Pay Personal and Business Expenses

BALTIMORE, MD—David Wehrs, Sr., age 54, of Annapolis, Maryland, pleaded guilty today to wire fraud in connection with a scheme to defraud investors and financial institutions of more than $2.3 million.

The charge was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation.

According to his plea agreement, Wehrs owned Maryland Title and Escrow Company, Inc., located in Annapolis, and operated a small home remodeling company called Show-Me. From 2007 to October 2009, Wehrs induced individuals to invest money through Maryland Title into a purported FDIC-insured money market fund that Wehrs “guaranteedâ€