June 18, 2024

Livermore man sentenced in Ponzi scheme

Maynard Weldon Moreland, 50, was sentenced to 17 years in prison on May 26, 2010. He’d pleaded no contest in February to multiple counts grand theft, financial elder abuse and similar charges after being arrested a year ago for embezzling $2.66 million from his elderly clients.

The Contra Costa Times said Moreland has been a Livermore Chamber of Commerce president and city treasurer. He had an accounting office downtown, and court documents claim he used the embezzled money to pay off credit card debts, go on gambling sprees, and donate to charities to increase his social standing.

The Times says Moreland plans to speak at a June 24th restitution hearing.