Al Moriarty sentenced to 5 years
September 18, 2014
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.