Former Thousand Oaks Man Gets Prison For $1 Million Investment Fraud

Tuesday January 07, 2025

     Updated--A former Thousand Oaks man is headed to state prison for investment fraud.

     A judge Tuesday sentenced 68-year-old George Russell to four years in prison in connection with the $1.1 million scheme.

     In October of last year a jury had been selected and sworn in and opening statements were about to be made in his trial when Russell abruptly changed his plea to guilty on 18 counts including Grand Theft, Money Laundering, and Theft From an Elder.

     He also admitted 76 special allegations.

     Russell has already paid $600 in restitution but the judge also ordered him to pay an additional $1.1 million to cover not only what he still owed the victims but also interest.

     There is a hearing in April on the remaining restitution issue.

     Prosecutors had accused Russell of stealing more than $1 million from as many as 10 victims by making false claims when securing investments for a booklet he wrote titled "The DUI Nightmare".

     They also say the investigation determined Russell resold interests in the book without paying prior investors.

     After sentencing Tuesday, Russell, who had been out on bail, was immediately remanded to begin serving his sentence.