Maynard Weldon Moreland, 49, of Livermore, California, was arrested last week for allegedly operating an elaborate Ponzi scheme, defrauding numerous clients out of some $734,000 that was intended for local real estate investments. Moreland is accused of depositing investor funds into his own accounts to finance his own lavish lifestyle. Moreland reportedly promised investors between 8 to 10 percent return on investments. Moreland was arrested on seven counts of grand theft and fiduciary elder abuse since many of his victims were elderly.Read the story here, here and here.
Update (6/1/10): Moreland was sentenced to 17 years in prison for embezzling $2.66 million from several elderly clients. Moreland, an accountant by training, pleaded no contest in February to 21 counts of grand theft, 12 counts of financial elder abuse and related charges.
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