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Posted: 5:46 PM Oct 27, 2009
Orange County Man Arrested In $1.2M Fraud Scheme
An Orange County man has been arrested on charges of bilking at least 11 people of up to $1.2 million in a bogus investment scheme.
Reporter: Associated Press Email Address: news@kolotv.com |
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COSTA MESA, Calif. (AP) - An Orange County man has been arrested on charges of bilking at least 11 people of up to $1.2 million in a bogus investment scheme.
Sheriff's spokesman Jim Amormino says Paul Abad of Tustin was arrested Tuesday on his way to work and is being held on $500,000 bail.
Amormino says the 48-year-old man allegedly solicited investments in futures and commodities by showing false statements to clients, but instead spent the money on himself.
It was unknown whether Abad has an attorney. He is charged with multiple criminal counts, including grand theft and fraud.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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