Posted: May 15, 2013 2:12 PM by Donna Winnick, KSBY News
Updated: May 15, 2013 9:56 PM
Al Moriarty's arraignment was postponed a second time Wednesday morning in San Luis Obispo Superior Court.
The Grover Beach financial services owner accused of fraud and embezzlement, was assigned a new public defense attorney, Thomas Allen, because of a conflict with his prior assigned attorney.
Moriarty, 80, remains in San Luis Obispo County Jail with bail set at $5 million.
He is charged with seven felonies including fraudulently offering or selling securities; three counts of selling securities with false statements or omissions such as telling investors their money would be secured by gold, real estate and his own life insurance policy; grand theft by embezzlement of investor funds; and two counts of acting as an investment adviser and offering or selling securities without the required licenses.
In addition, two enhancements were included for an aggravated white-collar crime and excessive taking of more than $3.2 million.
Moriarty will be back in court on May 29.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties