White Collar Crime

CA Lawyer Accused in Investment Scam

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A California lawyer has been indicted on charges that he participated in an investment scam that netted more than $1 million from his clients and other victims.

Lawyer Gerald M. Shaw of Newport Beach and Gregory De Lavalette of Rancho Santa Fe were indicted yesterday, the Daily Pilot reports.

The indictment claims the two men falsely told victims that their money would be used to trade European bank instruments, a press release says. The victims were allegedly promised that their investment would yield returns as high as 40 percent a week.

The money was actually used for business and personal expenses, prosecutors allege, and was never returned to the victims.

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