Call Now For a Free Consultation:
(614) 502-6165

San Luis Obispo Man Pleads "No Contest" in $2 Million Investment Scam

A San Luis Obispo County man has pleaded no contest for his participation in an investment scam involving more than $2 million. Leonard Delk, 82, of Los Osos entered his pleas on Tuesday, 12, 2010.According to prosecutors, Mr. Delk’s investment scam affected at least 23 unsuspecting investors and involved more than $2 million. Mr. Delk, who was arrested nearly two years ago, entered his pleas to eight counts, including grand theft by embezzlement and unlawful sales of securities.Mr. Delk allegedly used the money to invest in the stock market. He also supposedly used money from new investors to pay off existing investors in his apparent Ponzi scheme. The charges stem from his connections with his Los Osos company, LAD Management.Mr. Delk started off trying to help his investors, but was affected by the plunging stock market, according to his attorney, James Royer. Reports indicate that when Mr. Delk was arrested, he claimed that he never used his clients’ money for personal use.Authorities are continuing their investigation into Mr. Delk’s business activities, as they prepare for trial.He faces up to 10 years in prison for duping his investors. Mr. Delk is scheduled for sentencing in December 2010.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram