Former Thousand Oaks Man Pleads Guilty To Investment Fraud

Wednesday October 09, 2024

     Updated--On the eve of his Ventura County trial for investment fraud, a former Thousand Oaks resident has changed his plea to guilty.

     Wednesday, 67-year-old George Russell pleaded guilty to 18 counts including Grand Theft, Money Laundering, and Theft From an Elder.

     He also admitted 76 special allegations.

     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.

     The plea deal comes a day before a jury was to hear opening statements and testimony in the case.

     As part of the agreement, Russell is expected to pay restitution.

     Russell remains free on bond pending sentencing which is set for January 7th.