Al Moriarty sentenced to 5 years

September 18, 2014
Al Moriarty

Al Moriarty

A San Luis Obispo judge sentenced Grover Beach financier Al Moriarty to a five-year county jail sentence Thursday, but the convicted felon will likely have to remain behind bars for just a little more than a year. [KSBY]

Last month, Moriarty, 81, agreed to a deal with prosecutors in which he pleaded not contest to seven felonies and admitted to causing investors more than $3.2 million in losses. His convictions include security sales fraud, embezzlement and security sales without licensing.

Prosecutors alleged that Moriarty placed nearly $10 million of investor funds in his personal bank account, then used the money to pay other investors, do construction on his home and finance business expenses.

Victims of Moriarty’s scheme packed the courtroom Wednesday, and several spoke during the sentencing hearing.

“He took all of our life savings,” said Silvio Del Giorgio. “My wife has Alzheimer’s, and I can’t take care of her.”

Moriarty responded saying he made bad decisions in a crumbling economy. He apologized and pledged to spend the rest of his life trying to pay them back.

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Just a couple of years ago every low life politician and city manager in the county was suckling his proverbial tit. And now the crook is exposed. Buckle up people, he made a deal and sold out a few of you.

Don’t be surprised when the sheriff’s department puts Al on home detention with a GPS bracelet. I doubt they will jail him at his age.

I do hope they ordered him to pay restitution of the full 3.2 million plus interest and take away every license he has.

The $3.2M was in regard to the criminal complaint. Moriarty has has creditors of $23M and has filed bankruptcy. The victims will only receive a penny or two on the dollar.

Its a shame that despit a no contest (guilty) plea, he is still allowed to verbally deny any wrongdoing to his victims.

Man up Al. You know that you stole their money.

Ironically, w/out a license, few will be repaid.

If he has a lavish home, has he sold it?

According to the New Times 8/6/13, 6 residential and commercial properties are under the bankruptcy trustees jurisdiction – but all 6 properties are upside-down (no equity)!

My understanding is that he filed chapter 7 bankruptcy in Washington state. There is a homestead exemption of up to $125k (amount he can exempt on residence that he owns there). Likely his only property with equity.

Also a debtor may exempt pension and retirement benefits. This exemption applies to IRAs among other things. He’ll do just fine – unfortunately.

He’ll work to get the swindled investors money back about as hard as OJ worked to find Nicole Simpson and Ronald Goldman’s “real” killer.

Beware people of Washington state, when he gets out you’ll be next.

A year or so in jail for stealing $3.2 million? Crime DOES pay.

I can’t believe he doesn’t have other assets that should be sold, down to the furniture and clothes in his closet to pay back investors.If he has kids/grandkids there are probably monies squirreled away with them. Where is the forensic accountant when we need one? Someone said the sign at Cal Poly should be auctioned off to repay the victims – I totally agree. But that would probably constitute “cruel and unusual punishment.” If it’s an asset it’s available! It was purchased with stolen money. Is he still getting Social Security? Can that be garnished?

And what can we do to convince the District Attorney and the Court to get more real with their “punishment”? If this is the fullest extent of the law, it has done nothing to convince other would-be swindlers to follow suit with Mr. Moriarty.