A 49-year-old Livermore man has been charged by the Alameda County District Attorney's Office with seven counts of felony investment fraud theft and fiduciary elder abuse, Livermore police announced Wednesday.
Maynard Weldon Moreland allegedly ran a Ponzi scheme that led to cash losses totaling about $734,000 for eight of his elder clients, according to police.
On April 7, the Livermore Police Department began receiving reports that Moreland had committed investment fraud.
Police served three search warrants between April 16 and April 20, Financial records show Moreland promised between 8 to 10 percent interest on
investments from clients, but instead deposited funds into investment accounts under his name only, police said.
The scheme allegedly funded a lavish personal lifestyle for Moreland, according to police.
Many of Moreland's clients were longtime acquaintances who trusted their life savings to him, police said.
Detectives with the Livermore Police Department believe there may be additional victims.
Anyone who may be a victim of Moreland or who has more information about his activities is asked to call police Lt. Matt Sarsfield at (925) 371-4730.