A Santa Barbara man has been charged with 19 felony counts related to investment fraud in Ventura County, the Ventura County District Attorney’s office announced Friday.
The complaint against Stephen Tudor Crozier, 64, alleges that he took more than $500,000 from two Ventura County residents.
Crozier pleaded not guilty at his Jan. 6 arraignment.
The 19 felony counts include theft from an elder, grand theft, money laundering, forgery and making deceptive statements when selling a security, the District Attorney’s office said in a statement.
Crozier allegedly made false statements between 2009 and 2016 in order to convince his victims to give him money to be used as an investment in a number of companies, including Media Ventures, Digital Media Ventures, Old Street Venture partners and Podl.io, according to authorities.
“Crozier took this money and used it for his own purposes,” the District Attorney’s Office said in a statement. “In addition, he used money from new investors to pay off other investors, but the majority of proceeds were used to pay for his own living expenses.”
Senior Deputy District Attorney Howard Wise told Noozhawk that Crozier was working out of Santa Barbara, and that both his victims were women, one of whom was elderly.
One victim initially reported the scam to the Ventura Police Department, and the ensuing investigation led authorities to Crozier’s bank records and ultimately the second victim, Wise said.
Crozier was booked last week into Ventura County Jail with bail set at $500,000, and faces up to 23 years in state prison if convicted on all charges.
An early disposition conference at Ventura County Superior Court is set for Jan. 18, and a preliminary hearing is set for Jan. 20.
— Noozhawk staff writer Sam Goldman can be reached at sgoldman@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.