May 6, 2013 6:54 PM by Katherine Worsham, KSBY News

UPDATE: Moriarty awaiting extradition to SLO County

Albert Moriarty, Jr., a well-known Central Coast businessman appeared in a Washington state courtroom on Monday. The 79-year old was arrested in Kitsap County on Sunday, on a $5 million arrest warrant issued out of San Luis Obispo County.

Moriarty, president and owner of Moriarty Enterprises in Grover Beach, faces charges of Fraudulent Practices in the Offer and Sale of Securities, Material Misstatements and Omissions in the Offer and Sale of Securities, Embezzlement of Investor Funds, and Acting as an Investment Advisor and Offering and Selling Securities Without Required Licenses. Two enhancements in the complaint also include Aggravated White Collar Crime and Excessive Taking of at least $3.2 million.

Moriarty is awaiting extradition to San Luis Obispo County. Court officials in Washington tell us he will remain in jail there until he is transferred to California.

The San Luis Obispo County District Attorney's Office has set up a hotline for anyone who believes they may have been a victim of Moriarty, at (805) 781-1053.

» There are multiple updates to this story. Please click here to get the latest information.

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