Maryland Brothers Plead Guilty to Counterfeiting Scheme
Over $4.5 Million in Counterfeit Currency Recovered
Greenbelt, Maryland - After two days of trial Glendon Reid, age 29, of Glenn Dale, Maryland, pleaded guilty yesterday and his brother Sheldon Reid, age 27, also of Glenn Dale, pleaded guilty on December 8, 2010, to a counterfeiting conspiracy that lasted from about 2005 through 2008. Glendon and Sheldon Reid also pleaded guilty to a single count of transferring and passing counterfeit $100 notes, respectively.
The guilty pleas were announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Acting Special Agent in Charge Andrew Adelmann of the United States Secret Service – Washington Field Office.
According to the Reids’ plea agreements and the indictment to which they pleaded guilty, beginning in about 2005, the Reid brothers removed ink from genuine $1 and $5 bills and then used digital images of $100 bills to print counterfeit $100 notes on the now “bleached” lower-denomination bills. They also transferred the digital images and taught their bleaching process to other for the purpose of producing additional counterfeit currency.
According to trial testimony Reid brothers themselves and through intermediaries sold their counterfeit bills “wholesale” for approximately 40% of face value. They would also defraud merchants by using the counterfeit notes to purchase merchandise which they would then return for cash refunds, thus improving their profit margin.
Law enforcement has recovered over $4,540,200 in counterfeit currency nationwide that was produced as a result of the Reid brothers’ actions.
The Reids face a maximum sentence of five years in prison for the conspiracy conviction. Sheldon and Glendon Reid also face 20 years in prison for passing counterfeit currency and dealing in counterfeit currency, respectively. Chief U.S. District Judge Deborah K. Chasanow has scheduled sentencing for March 14, 2011 at 1:00 p.m.
United States Attorney Rod J. Rosenstein commended the U.S. Secret Service for their work in the investigation. Mr. Rosenstein thanked Assistant United States Attorneys Robert K. Hur and Adam Ake, who are prosecuting the case.