Investment Firm’s Ex-Chief Held in Alleged Scam

The former head of a Universal City investment firm that allegedly bilked more than 500 investors out of $5 million was arrested Thursday morning after surrendering to authorities in Los Angeles.

Roy L. Comstock, 47, former chairman of Comstock Financial Services, has been charged by the Los Angeles County district attorney’s office with three felony counts of violating corporate securities laws.

Comstock and others allegedly promised investors returns of 15% to 30%, then diverted the invested money to their own companies and accounts.

State and federal authorities have alleged that Comstock Financial was part of a broader investment scheme that took at least $10 million from more than 600 investors in 20 states, primarily California, Texas and Arkansas.

Also charged is David L. Wiksell, 47, Comstock Financial’s former vice president of investments, who was arrested Wednesday. Wiksell’s arraignment has been delayed until Monday, and he remained in custody Thursday.

A third man was indicted last month on similar fraud charges in Texas for his role in a Texas investment company affiliated with Comstock Financial.

Officials with the district attorney’s office said they did not know when Comstock will be arraigned.