Our California Statewide Law Enforcement Association (CSLEA) members in the Department of Corporations and the Department of Insurance get kudos for this one. Albert Moriarty, Jr., president and owner of Moriarty Enterprises was arrested, Sunday, May 5, 2013 in the state of Washington for allegedly stealing at least $3.2 million from clients.
Moriarty’s financial services business, located in Grover Beach in San Luis Obispo County, was closed recently when Moriarty moved to Washington and filed for bankruptcy, according to a press release from the San Luis Obispo County District Attorney’s Office.
A criminal complaint was filed against Moriarty after an extensive investigation by the San Luis Obispo County District Attorney’s Office and California Department of Corporations, with significant assistance from the FBI and the California Department of Insurance.
The complaint charges Moriarty with seven felony counts and two enhancements which could result in a maximum 19 years in prison if convicted.
The charges include:
- one count of fraudulent practices in the offer and sale of securities
- three counts of material misstatements and omissions in the offer and sale of securities
- one count of embezzlement of investor funds
- two counts of acting as an investment advisor and offering and selling securities without required licenses from the California Department of Corporations
The two enhancements include:
- “aggravated white collar crime”
- “excessive taking” of at least $3.2 million
“These types of investigations are nothing short of extensive,” said CSLEA President Alan Barcelona. “And this case isn’t over yet. The investigators will see it through to prosecution and there’s always the possibility other victims may come forward. “
Moriarty will be arraigned in the San Luis Obispo County Superior Court on the criminal complaint following his transport back to San Luis Obispo.
