Al Moriarty, the Grover Beach financial services owner accused of fraud and embezzlement will remain in County Jail with bail set at $5 million.
On June 12 San Luis Obispo Superior Court Judge Jacqueline Duffy denied a request made by Moriarty's attorney, Tom Allen, to reduce his bail.
A preliminary hearing is scheduled for July 3 in Dept. 7 of the San Luis Obispo County Superior Court.
Moriarty, 80, pleaded not guilty to seven felonies involving fraud and embezzlement in San Luis Obispo Superior Court on May 29.
Moriarty, of Moriarty Enterprises in Grover Beach, is charged with seven felonies: 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 were included for an aggravated white-collar crime and excessive taking of more than $3.2 million.
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.