Man Held in Calaveras Securities Swindle
A Stockton man is being held in the Calaveras County Jail on $1.4 million bail facing 14 counts of securities fraud and burglary.
61-year-old Michael Whitmore Erb was arrested Dec. 21 on the charges. He is accused of defrauding 11 people of more than $1.5 million between May 6, 1993, and Oct. 30, 2000, soliciting funds in exchange for participation in business parks he promised to build in Calaveras County, according to court documents. It could not be determined Monday if any of those people were Calaveras County residents.
Erb faces seven counts of securities fraud. The seven burglary charges stem from his “unlawfully entering” the homes of the residents with the intent to commit larceny. Erb´s arraignment is scheduled for 1:30 p.m., Jan. 25. The case is being prosecuted by the state Attorney General´s Office.
Read more about this story at The Calaveras Enterprise.