Acting U.S. Attorney Stephen M. Schenning announced Thursday a Maryland man pleaded guilty to two counts of wire fraud involving a scheme to defraud investors via an advanced fee system.
Fifty-seven-year-old Brian Arthur McCormick of Annapolis provided potential investors with bogus bank statements to show that his company, Triton Structure Finance Group, LLC had about $402 million. He requested several investors to fund projects in exchange for a “majority ownership of the project,” according to court documents.
McCormick promised investors that they would be fully refunded and compensated. Instead, he stole their money and utilized it on personal expenses. In 2015, he represented Louisiana-based Brittingham had “successfully traded medium term bank notes in Hong Kong since 2001.” He also told investors that the company had various standby letters of credit and bank guarantees totaling about $40 billion.
Brittingham agreed to split the profits with the investors and investors agreed to give McCormick 20% of the profits. One individual invested one million euros with Brittingham in September 2015. The investor was never repaid nor received any profits.
McCormick faces a maximum 60-year prison sentence. His sentencing hearing is scheduled for December 7 at 2 p.m.