Arrest Made in Alleged Investment Scam
A former Costa Mesa man accused of bilking more than 100 investors out of $4 million in an oil and gas drilling scheme has been arrested in Kingfisher, Okla., the U.S. attorney’s office said Tuesday in Los Angeles.
Patrick Wayne Maloy, 43, was indicted on 21 counts of mail fraud and 15 counts of money laundering.
He is accused of diverting investor funds to pay for personal vacations, cars, the rental of seaside homes in Malibu and Newport Beach and the purchase of a home in Oklahoma.
If convicted, he faces a statutory maximum of 20 years in prison.
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