Nipomo man accused of embezzling $50 million

October 1, 2012

By KAREN VELIE

A Nipomo business owner is accused of forging numerous loan documents as part of a more than $50 million fraud scheme he allegedly implemented against three local banks, business associates and several members of his family, sources said.

While under a federal investigation, Mark Moore admitted that he forged loan documents while socializing with bank employees who failed to validate signatures, documents say. He blames bank employees for letting their guard down. Moore contends that because he was the son-in-law of a bank board member, employees allowed him to perpetuate the theft.

Moore is accused of stealing from his in laws, his children’s college fund, his mother, a Riverside investor and local branches of Farm Credit West, Bank of America and Rabobank. He faces charges of bank fraud, mail fraud, embezzlement and forgery.

In the late 90s, Moore worked for Farm Credit West in Arroyo Grande. He then married founding board member Michael Cavaletto’s daughter, left the bank, started his own agricultural chemical company, and began dining regularly with a loan officer at the bank.

In early 2000, Moore began managing the Cavaletto family trust. Cavaletto is an avocado grower and the co-owner of C&M Nursery in Nipomo.

It was at this time Moore started applying for loans in Cavaletto’s name, without informing Cavaletto, according to documents obtained by CCN.

In late 2002, Moore first applied for a loan at Bank of America. In the documents, he notes his surprise that no one at Bank of America bothered to validate signatures. He then allegedly began procuring loans in his mother’s name and his wife’s name.

From 2003 through 2007, he switched some of his accounts to Mid-State Bank and Trust (now Rabobank). In the beginning, Moore was concerned Mid-State Bank and Trust officials would question him about the loans but, as in the past, no one did.

Moore blames a total system failure, along with bank employees who were easily manipulated by compliments, for his decade long history of embezzlement, according to records obtained by CCN.

Moore, Cavalleto, bank officials and Assistant U.S. Attorney Paul Stern either refused, or said they were not permitted, to comment on the case.

 


54 Comments

  1. The Gimlet Eye says:

    A wider perspective of the same phenomenon:

    The European Commission is investigating 16 financial groups and some of the world’s biggest banks for criminal activity involving the $27 trillion credit-derivatives market.

    [The US Justice Department is performing a similar investigation, but we anticipate the usual scenario: No one will serve prison time, governments will collect large amounts of money in fines, and the cost will be passed to bank shareholders. If the fines put the banks into bankruptcy, they will be bailed out at taxpayers' expense.]

    IB Times 2013 Mar 27

    http://www.ibtimes.com/top-banks-investigated-collusion-derivatives-1153911

    Like or Dislike: Thumb up 1 Thumb down 0

    • ChuckinSLO says:

      Tomorrow is Mark Moore’s sentencing. We hope to hear more from Karen about the outcome of this case. Many people (including local residents) have been victims for an extensive period of time of Mark John Moore’s crimes. We need to make sure that he goes to jail for a long time.

      Stealing from banks, locals and business associates is one thing but, stealing from your own family (especially his 3 kids and wife) shows that this guy has no morals and will never reform.

      Throw the key away when it comes to Mark Moore of Nipomo so he pays for all of the crimes that he has admitted to commit as well as the large amounts of un-prosecuted crimes where local businesses have to absorb the loss.

      Like or Dislike: Thumb up 0 Thumb down 0

  2. ChuckinSLO says:

    Mark Moore has admitted ripping off several people (including SLO residents) since 2000. Per online searches, it appears that he has not been arrested yet and still resides with his wife and kids in Nipomo. Why is this criminal not in jail yet (12 years later)? Why are we keeping him free on our streets? By not convicting him, aren’t we giving him the incentive (no punishment) an opportunity to defraud others?

    Like or Dislike: Thumb up 2 Thumb down 0

  3. ChuckinSLO says:

    WOW – stealing $50M from his own family!!!!

    What a bunch of baloney for us to keep on protecting this guy!

    How does this does not get coverage from the national news???
    Why has this guy not been put in jail forever and the key thrown away?
    How can our streets and kids be safe with guys like this around?

    About the other charges mentioned about serial rape, anyone with basic public interest should know that:
    – According to RAINN (rain, abuse & incest national network), every 2 minutes someone in the US is sexually assaulted
    – 1 out of every 6 American women has been the victim of an attempted or completed rape in her lifetime (SOURCE: http://www.rainn.org/statistics)
    – 17.7 million American women have been victims of attempted or completed rape (SOURCE: U.S. Bureau of Justice Statistics, Sex Offenses and Offenders)
    – Per the American Medical Association, sexual violence, and rape in particular, is considered the most under-reported violent crime
    – Estimates from published rape research suggests that between 75 and 95 percent of rape crimes are never reported to the police
    – Per the UN, despite a decline of 60% since 1993, the US still has a relatively high rate of rape when compared to other developed countries.
    – As well as the large number of rapes that go unreported, only 25% of reported rapes result in arrest.
    – 97% of rapists never spend a day in jail (SOURCE: http://www.rainn.org/statistics)
    – Approximately, 2/3 of assaults are committed by someone known to the victim (SOURCE: http://www.rainn.org/statistics)
    – A victim of violence will typically experience 36 acts of violence before reporting anything
    – The most common reasons given by victims for not reporting rapes are the belief that it is a personal or private matter, and that they fear reprisal from the assailant.
    – Since 2005, according to the U.S. Department of Justice, there has been a substantial increase in the amount of date rapes due to easier market availability and absence of processed rape kits.

    As there has been much political talk lately about the glass ceiling that women are dealing with, in this particular economy, any female reporting a rape nearly kisses her career goodbye.

    So, although this story was about the thief Mark Moore, it is not hard to understand the hesitation and reasons why others like this raped women had before reporting and prosecuting against this crook.

    Not many can afford the legal fees so, I congratulate the family, business associates, etc. and this raped women for doing something about this epidemic social problem.

    Like or Dislike: Thumb up 7 Thumb down 1

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