Ex-Attorney Gets 70 Months in Prison For Fraud

Gerald M. Shaw, a former Newport Beach attorney, was convicted last year in an investment fraud case.

Shaw was indicted in 2007 on federal fraud and money laundering charges.

Shaw solicited investments from people by falsely stating that the money would be used to trade European bank instruments. Instead, the money was used to pay personal and business expenses.

Shaw pleaded guilty last year to one count of wire fraud as part of a plea bargain. He was then disbarred in July of 2011.  

Gerald M. Shaw was indicted in 2007 on federal fraud and money laundering charges for a scheme in which he and another man allegedly took millions of dollars from victims who were promised rates of return as high as 40% a week.

In addition to the 70-month sentence, Shaw was ordered to pay $4.3 million in restitution.

Gregory De Lavalette of Rancho Santa Fe who allegedly worked for Shaw also pleaded guilty to one count of wire fraud and is awaiting sentencing.

Shaw has been sentenced to 70 months in prison.

Each defendant could have received a maximum sentence of 20 years in prison.

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