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Newport man guilty of wire fraud faces sentencing

December 16, 2011

A Newport Beach man who pleaded guilty to federal charges of wire fraud is expected to be sentenced before the year's end, authorities said.

Gerald M. Shaw was found in a hospital by federal authorities this week after he failed to appear in court for his sentencing Monday and a bench warrant was issued for his arrest, said U.S. Attorney spokesman Thom Mrozek.

Shaw is accused of soliciting investments, sometimes from his clients, with the promise of trading European bank instruments and instead using the money for business and personal expenses, according to an FBI news release.

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His attorney, James D. Riddet, filed a motion Dec. 6 to continue the sentencing set for Monday due to medical problems Shaw had, including nausea and vertigo caused by a 2-centimeter mass at the back of his brain. Judge Cormac Carney would not move the sentencing date, saying the Federal Bureau of Prisons was equipped to treat him.

He faces up to 20 years in federal prison and restitution to victims. Shaw was disbarred in July of this year, according to the state bar.

— Lauren Williams

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