May 6, 2013 12:33 PM by Michael Handler; KSBY News
KSBY News has learned a local financial investor sits in a Washington state jail awaiting charges for felony fraud.
According to the San Luis Obispo County Sheriff's Office, Albert Moriarty, 79, was arrested Sunday in Kitsap County, Washington on a $5 million California warrant.
Moriarty is a well-known financial consultant in Grover Beach. He owned a home and property in Nipomo. He was the owner of Moriarty Enterprises.
The charges on the arrest warrant include securities fraud and use of a scheme to defraud.
The San Luis Obispo County Sheriff's Office has put in a request for extradition, but that process has not started. He is due in court in Kitsap County at 1:30 pm Monday. Moriarty is held without bail.
Moriarty is also facing numerous civil lawsuits from creditors and clients.
KSBY News is following this breaking story, we will update you as soon as more information becomes available.
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