Larry Curtis Waltz, 66, Ventura, California, was charged in a seven-count felony complaint. The complaint charges Waltz with one count of theft from an elder, five counts of grand theft and one count of recording a false document. It is also alleged that the crimes were committed in violation of Penal Code section 186.11(a)(3), the aggravated white collar crime enhancement, in that the crimes were related felonies, a material element of which is fraud, and that the taking was more than $100,000.
Waltz, a former real estate broker, was arrested in Ventura, California in an operation conducted by the Ventura County District Attorney’s Bureau of Investigation. The crimes were alleged to have occurred in years 2006 through 2008 and involve charges that Waltz solicited three private investors to make several loans to borrowers that were purportedly secured by real estate trust deeds. These investors are alleged to have parted with a total of $292,000 in reliance on statements and actions by Waltz, and the investors have lost virtually all of their money. Waltz previously pled guilty to three counts of mail fraud in a 2002 federal prosecution arising out of an investigation into a scheme where Waltz sold investors what appeared to be legitimate trust deeds but were, in reality, worthless pieces of paper. In that case, 48 investors collectively lost $4,631,559 and Waltz was ordered to repay nearly $6 million in restitution in addition to serving 21 months in federal prison. Waltz has also been known to use the names “Larry Curtis“ and “Charlie Johnson“.
Bail was set at $1,000,000 by Ventura County Superior Court Judge Edward Brodie. If convicted of all crimes, Waltz faces a maximum prison sentence of ten years.
District Attorney Gregory D. Totten announced the complaint filed by the Ventura County, California, Real Estate Fraud Prosecution Unit.