Newport man guilty in investment schemes
A jury convicted a Newport Beach man this week of stealing $198,000 through various investment schemes, prosecutors said.
Calvin James Calvin, 48, was found guilty Monday of seven felony counts of grand theft and four felony counts of using untrue statements in the purchase or sale of a security. His sentencing enhancements include causing more than a $100,000 loss and committing the crimes while on parole for a prior grand theft conviction, according to the Orange County district attorney’s office.
Calvin, who represented himself in the trial, faces up to 14 years in prison. His sentencing is scheduled for 9 a.m. March 8 at the Central Justice Center in Santa Ana.
Prosecutors allege that between December 2005 and March 2008, Calvin told some of his victims he was an investment broker. He promised them high returns.
Calvin also claimed he was the chief financial officer of an alarm company. Calvin did not have any association with the company, which was a legitimate business.
He also took funds from one victim under the pretense of raising capital for the victim’s business, prosecutors said.
Calvin gave his victims a fake business address that actually was a post office box inside a Newport Beach laundromat. He claimed he was an investor for LeBron James and Kobe Bryant, as well as other athletes.
The D.A.’s office said the stolen money was initially transferred into a business account before going to Calvin’s personal account. He used the funds toward a home in Washington, a new Mercedes-Benz and sports memorabilia, prosecutors allege.
Calvin met his victims, of which there were at least seven, through church and business.
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