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.
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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.