A Newport Beach man pleaded guilty to wire fraud, but failed to show up at his sentencing hearing Monday. An arrest warrant has been issued for his arrest.
By SALVADOR HERNANDEZ / THE ORANGE COUNTY REGISTER
Gerald M. Shaw, 63, who was disbarred in July, pleaded guilty to charges that he defrauded at least 10 people of $4.5 million. According to court records, he and an associate – Gregory De Lavalette, 55 – told investors they would use the money in foreign-exchange investments in Europe. Instead, prosecutors allege, the money used to cover business and personal expenses.
Shaw was scheduled to be sentenced Monday, but his attorney asked the court to delay the sentencing, stating that Shaw had suffered a stroke in March and that his doctors wanted him to undergo medical tests Monday morning.
A federal judge denied the motion and instead issued an arrest warrant for Shaw.
Prosecutors are looking for a 63-month prison term for Shaw.
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