Lawyer pleads guilty in $300,000 scam
July 20, 2010
Total Loss:
$4.5 Million
A Newport Beach lawyer has pleaded guilty to wire fraud for conning an investor out of $300,000 by promising returns of 30 percent to 40 percent a week. Gerald M. Shaw, 62, pleaded guilty Friday to one count as part of a plea agreement. His former employee Gregory De Lavalette, 54, of Rancho Santa Fe, pleaded guilty in February. The U.S. Department of Justice alleged that Shaw defrauded at least 10 investors of $4.5 million and that Lavalette cheated others of $395,000.
Source:
The Orange County Register; By Jon Cassidy
Posted in:
Collusive Networks