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Carroll County Company Founder Sentenced To Over 3 Years In Prison For $1.9 Million Securities Fraud
Baltimore, Maryland – In a shocking turn of events, U.S. District Judge Richard D. Bennett sentenced John F. “Jef” Curran, III, age 44, of Westminster, Maryland to 37 months in prison, followed by three years of supervised release, for securities fraud, in connection with the sale of $1.9 million worth of stock in his company, Gargoyles, Inc.
The 44-year-old founder and former president of Gargoyles, Inc. was found guilty of misrepresenting the company’s sales and customers to investors, leading to a significant financial loss.
According to the statement of facts that is part of his plea agreement, Curran was the founder, president and single largest shareholder of Gargoyles, Inc., located in Westminster, Maryland. Gargoyles was a self-described “advanced materials application company,” purportedly doing business with customers in a variety of settings including the military and law enforcement.
From January 2009 to September 2010, Curran sold approximately $1.9 million worth of Gargoyles stock to investors. He admitted that he falsely represented to investors and potential investors that Gargoyles had customers, sales contracts and purchase orders for its products when, in fact, it did not. Curran also misrepresented his education to investors.
The sentence was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Special Agent in Charge Stephen E. Vogt of the Federal Bureau of Investigation; and Postal Inspector in Charge Gary R. Barksdale of the U.S. Postal Inspection Service – Washington Division.
Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.
United States Attorney Rod J. Rosenstein thanked the FBI and U.S. Postal Inspection Service for their work in the investigation and thanked the Securities Division of the Office of the Maryland Attorney General for its assistance in the case. Mr. Rosenstein praised Assistant U.S. Attorney Leo Wise, who prosecuted the case.
The defendant was ordered to forfeit $1,963,065, and pay restitution of $1,250,768 to repay victims for the money they invested in Gargoyles, Inc.
Jef Curran, 44, was the founder and former president of Gargoyles, Inc., a company based in Westminster, Maryland. He was charged with securities fraud.
The crime was committed from January 2009 to September 2010 in Baltimore, Maryland.
The exact date of the sentencing was not provided in the source.
The sentence includes 37 months in prison, followed by three years of supervised release.
The total amount of securities sold was $1.9 million.
The amount forfeited by the defendant is $1,963,065.
The amount of restitution to be paid is $1,250,768.
Key Facts
- State: Maryland
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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