Al Moriarty ordered to pay $10 million in restitution

December 17, 2014
Al Moriarty

Al Moriarty

A San Luis Obispo County Superior Court judge on Wednesday ordered former Grover Beach financier Al Moriarty to pay $10,209,301 in restitution for securities fraud and embezzlement.

In August, the 81-year old pleaded no contest to fraud and embezzlement charges for swindling money from investors through a Ponzi scheme. In September, Moriarty was sentenced to five years in the San Luis Obispo County Jail.

After former investors in Moriarty Enterprises filed 19 separate law suits claiming Moriarty committed fraud in his business dealings, in Dec. 2012, Moriarty moved to Washington, where he owns a home. He then filed for bankruptcy, owing more than $22 million to creditors and investors.

On Wednesday, Superior Court Judge Hugh Mullin ordered Moriarty to pay restitution to 48 fraud victims.


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13 Comments

  1. marcusaurelius says:

    dont steal, the government hates competition……….

    (9) 9 Total Votes - 9 up - 0 down
  2. achillesheal says:

    Bonus of Al’s conviction is we no longer are subjected to his radio commercials:

    “In this era of corporate crime and personal greed, who can you trust”…I guess not Al Moriarty.

    (11) 11 Total Votes - 11 up - 0 down
  3. Still Standing says:

    Sooo, is it just me, or is anyone else wondering why this guy, the Estate Financial people and the others that robbed cheated and stole from investors, get prison time and are forced to pay back a pittance of the money, but Kelly Gearhart, Jay Miller, David Graves and the rest of those crooks have yet to serve any jail time? What’s up with that? I don’t know where Kelly and Jay are, but I have heard that Mr. Graves is right here where he’s always been and back in the construction business. Drove by his monster log house, built with investor money the other day,and looks like he isn’t there anymore though.

    (9) 9 Total Votes - 9 up - 0 down
  4. Lewy says:

    He was heard to ask of the Judge, “You take a check, Boss?”

    (9) 9 Total Votes - 9 up - 0 down
    • achillesheal says:

      Or a gold doubloon from his famous briefcase full of gold.

      (3) 3 Total Votes - 3 up - 0 down
  5. smiley says:

    Wouldn’t want to be waiting to collect on this one. Buy a lottery ticket instead. Judge should have put the old man on bread and water rations.

    (13) 15 Total Votes - 14 up - 1 down
  6. Mr. Holly says:

    Good luck! I wouldn’t be holding my breath on this one.

    (14) 14 Total Votes - 14 up - 0 down
  7. achillesheal says:

    Although the victims of his scheme will only receive a penny or two on the dollar, at least they’ll have the comfort of knowing he will whither away and die in prison, penniless and alone.

    It would still be nice if he was forced to admit his intent for what he did. Merry Christmas al.

    (9) 11 Total Votes - 10 up - 1 down
    • womanwhohasbeenthere says:

      Well don’t bet that he’ll stay in jail, either. Why isn’t he going to prison? And with this realignment business he’ll probably be out by Christmas.

      I wouldn’t be surprised if some of his investors got arrested deliberately to beat the *** outta this guy in jail. Make a great plot for a movie. “You stole my grandmother’s life savings! This one’s for her!” BAM. O never mind he’d be put in the cushy hospital and the assailants would all go to prison, that’s justice these days.

      (13) 13 Total Votes - 13 up - 0 down
      • achillesheal says:

        Good point.

        Maybe there is an upside to him being free, though. Like OJ vowed to turn over every stone to find Nicole and Ronald Goldman’s killer, Al has vowed to fight to his final breath to repay every investor.

        He can better do that hustling new investors in Washington, then from a cell in SLO.

        (6) 6 Total Votes - 6 up - 0 down
  8. Paso_citizen says:

    Might want start with forcing him to sell the billboard at Cal Poly football stadium. Some
    more reputable business surely would pay something to have their name there.

    (23) 25 Total Votes - 24 up - 1 down
  9. Pelican1 says:

    How do you go about squeezing blood out of this turnip?

    (16) 18 Total Votes - 17 up - 1 down

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