By Anthony Saude
Chino – Robert Leland Johnson IV, a 39 year-old former securities broker and Chino resident, was sentenced to three years in state prison after he plead guilty to multiple counts of felony grand theft. This was in connection with the embezzlement of nearly $1.1 million as reported by the San Bernardino County District Attorney’s office.
In addition, Johnson was also ordered to pay $1 million in restitution to the victims that were affected by the crime, said spokesman Christopher Lee.
The thefts went on for approximately 2 years from 2013 to 2015, according to Deputy District Attorney Rick Lal of the Specialized Prosecutions Division of the DA’s office.
In a statement to the press, Lal said “The fraud included falsely reflecting significant trading profits, concealing losses, and overstating account balances by millions of dollars,”. The district attorney’s office utilized a forensic account to follow the money trail. They were able to trace the stolen funds and demonstrate Mr. Johnson’s sophisticated scheme to misappropriate victims’ funds for his own personal gain.
The Chino Police Department began an investigation after the victims reported financial discrepancies in their accounts. Johnson would transfer money to his own accounts to pay for his extravagant lifestyle expenses, sometimes diverting a portion in the same manner you would when running a Ponzi scheme.