BAKERSFIELD, Calif. (KGET) — A Bakersfield certified public accountant has pleaded guilty to wire fraud after stealing $355,000 from investors over a four-year period and using the money for personal expenses, according to federal authorities.
Jeffrey Todd Stewart, 57, got more than $2 million from investors between 2014 to 2018 for expenses he said were needed for an overseas business deal, according to a release from the U.S. Department of Justice, Eastern District of California. He told investors they’d see a significant return.
“Although Stewart used most of the money for the purported deal, he spent $355,000 of the money obtained from the investors on his own personal expenses, including mortgage payments, trips to Las Vegas, and gambling,” according to the release.
Steward faces a maximum of 20 years in prison and a $250,000 fine at his Aug. 21 sentencing, the release said.