May 15, 2013 5:12 PM by Donna Winnick, KSBY News

Moriarty arraignment postponed for a second time

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.

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