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