Moriarty takes 5-year prison sentence
August 4, 2014
Grover Beach financier Al Moriarty has agreed to a plea deal in a multi-million dollar financial fraud case that will place him behind bars for five years.
Moriarty, 81, owned and operated Moriarty Enterprises in Grover Beach from 2007 to 2012.
Moriarty was arrested in May 2013 on seven felony charges. Prosecutors said Moriarty placed nearly $10 million of investor funds in his personal bank account. He then used the funds to pay other investors, construction cost on his own home and other personal and business expenses.
In his agreement with the San Luis Obispo County District Attorney’s Office, Moriarty pleaded no contest to seven felonies and admitted to causing investors more then $3.2 million in losses. His convictions include security sales fraud, embezzlement and security sales without required licensing.
The deal stipulates that Moriarty will serve a five-year prison sentence in county jail. He must also pay full restitution to the victims he defrauded. Moriarty also agreed to transfer all of his present and future property to the court for victim restitution.
Moriarty is scheduled to appear in court for an official sentencing hearing on September 17.