Al Moriarty, who turned 80 on Wednesday while in custody at Kitsap County Jail in Washington state, was being escorted back to San Luis Obispo on Thursday on felony charges of fraud and embezzlement.
He was expected to be booked into San Luis Obispo County Jail sometime Thursday night, said sheriff's spokesman Tony Cipolla.
Moriarty signed a waiver of extradition in Washington's Kitsap County District Court on Tuesday, Cipolla said.
Moriarty, owner of Moriarty Enterprises, was arrested Sunday at his home in Bremerton, Wash., on a $5 million warrant on felony charges alleging that he defrauded investors and embezzled funds.
San Luis Obispo Superior Court Judge Barry LaBarbera issued the arrest warrant May 3 after an investigation by the San Luis Obispo County District Attorney's Office and California Department of Corporations, with assistance from the FBI and the California Department of Insurance.
Moriarty will be arraigned in San Luis Obispo Superior Court sometime next week, said Jerret Gran, chief deputy district attorney.
Moriarty, a longtime Central Coast resident and Cal Poly alumnus, faces 19 separate civil lawsuits filed against him in San Luis Obispo Superior Court for unpaid payments on promissory notes.
The claims, which vary in amount, allege fraud, elder abuse and breach of contract by not repaying loans as promised and a lack of required security licenses needed to make investments. One lawsuit alleges that Moriarty was running a Ponzi scheme "designed to defraud community members out of their retirement and other savings."
In January, Moriarty filed for bankruptcy, owing more than $22 million to creditors and dozens of San Luis Obispo County residents who loaned him money.
Moriarty is charged with several felonies for issuing those promissory notes, including fraudulently offering or selling securities; three counts of selling securities with false statements or omissions such as telling investors their money would be secured by gold, real estate and his own life insurance policy; grand theft by embezzlement of investor funds; and two counts of acting as an investment adviser and offering or selling securities without the required licenses.
In addition, two enhancements are also included for an aggravated white-collar crime and excessive taking of more than $3.2 million.