79-year-old Al Moriarty ran an insurance company out of Grover Beach. He filed for Chapter 7 Bankruptcy in January in Washington where he has a home now.
He currently faces at least 19 civil lawsuits for unpaid promissory notes, and allegations of fraud, breach of contract, and elder abuse.
Clients of Moriarty say they became concerned when their checks stopped coming – some have gone as far to accuse him of running a Ponzi scheme. According to court records, he owes more than $22-million to creditors and local clients.
Moriarty remains in jail in Kitsap County, Washington. His bail is set at $5-million. He will stay in that jail until he is moved to San Luis Obispo County, which could take up to 90 days.