NEWPORT BEACH : Police Track Down Fraud Scheme Suspect
Detectives drove 450 miles in Southern California before they tracked down fraud suspect Anthony J. Petrelli in a Marina del Rey hotel, police said Friday.
The 41-year-old Corona del Mar man is suspected of bilking investors of more than $480,000. Petrelli was supposed to turn himself in to Newport Beach police Tuesday but disappeared, sending investigators on a search from Dana Point to Palm Springs and, finally, to the Foghorn Hotel in Marina del Rey on Thursday.
Petrelli is suspected of creating a Ponzi scheme that lured about 25 investors into a fraudulent real estate fund, using the money collected from new investors to pay interest to earlier investors.
Petrelli arranged through his lawyer to turn himself in after a court issued an arrest warrant. But his lawyer called police Wednesday morning to tell them Petrelli had not followed his instructions. Police said Petrelli then went into hiding.
Newport Beach Detectives Steve Schulman and Jeff Lu began their Odyssey at 7 a.m., tracking tips all over, said Sgt. Andy Gonis. Petrelli was arrested 13 hours later in the hotel room. Gonis said Petrelli had $17,500 in cash in his room.
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