Posted: May 13, 2013 3:47 PM by Keli Moore, KSBY News
Updated: May 14, 2013 4:45 AM
A well-known businessman made his first court appearance in San Luis Obispo Superior Court Monday. Al Moriarty, the owner of the Grover Beach finance company, Moriarty Enterprises, is accused of securities fraud and embezzlement.
Moriarty was arrested at his home in Washington state on May 5th and was brought back to San Luis Obispo County last week.
Moriarty has been in business since the 1950s. His financial troubles began in 2008 and banks eventually pulled his lines of credit.
Superior Court Judge Jacqueline Duffy read the charges, and when she asked Moriarty if he understood the charges against him, he said he knew he was being charged, but didn't understand why.
Moriarty was assigned Public Defense Attorney Ron Crawford, but Moriarty told Judge Duffy he will have his own lawyer soon.
Moriarty is charged with 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. He also faces two enhancements of an Aggravated White Collar Crime and Excessive Taking of at least $3.2 million.
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