Al Moriarty ordered to pay $10 million in restitution
December 17, 2014
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.