A Newport Beach attorney could face more than five years in prison for running a fake foreign investment operation that netted more about $4.5 million, federal prosecutors said Tuesday.
Gerald M. Shaw, 62, pleaded guilty last week to one count of wire fraud connected to a $300,000 transfer. A victim sent money to his bank account, thinking Shaw would use the cash for foreign security investments.
Shaw has pleaded guilty to only that one instance, which could lead to six months in federal prison and probation. However, prosecutors said, there are more than 10 victims and Shaw stole $4.5 million.