Al Moriarty Ordered To Pay $10.2M To Ponzi Scheme Victims
By Patrick S. Pemberton, The Tribune (San Luis Obispo, Calif.) |
Moriarty, 81, pleaded no contest in August to seven felony fraud charges. While he was sentenced to five years in jail, the restitution he would have to pay was contingent on a report from the county probation department.
During a hearing in
Because Moriarty did not agree with that amount,
Moriarty began selling life insurance while attending
Dozens of investors said they lost money -- often large chunks of their retirement savings.
During his sentencing, Moriarty vowed to repay them.
"I will spend the rest of my life making restitution to everyone," he said. "I plan to do it. That's my life now."
Moriarty did not speak during the hearing Wednesday. He was not represented by an attorney, having relieved his latest -- his third criminal defense attorney -- after his sentencing.
As bankruptcy attorneys continue to sell off Moriarty possessions to pay some of his debts, it's unlikely Moriarty will ever be able to pay his restitution. In one bankruptcy document, Moriarty claimed he lost most of his money in 2009, the year he paid more than
According to a recent bankruptcy document, a law firm hired to perform an analysis of Moriarty's Ponzi scheme concluded that in the four years prior to Moriarty's
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