STOCKTON – A 56-year-old man on Monday was sentenced to eight years in state prison for taking “investment” money from an elderly north Stockton couple.
Larry Cunningham Kimble had been convicted of elder abuse, securities fraud, and six burglary violations dating back to 2007 through 2009, according to a statement from the San Joaquin County District Attorney’s Office.
Kimble went into the victim’s homes and intentionally deceived the elderly “investors” about how badly his business, MT2Y Inc., was doing when he asked them to invest. There was an additional charge for an additional theft from the twin brother of the primary victim that occurred during a meeting at a restaurant in Visalia.
Witnesses testified that Kimble traveled several times to Hawaii and the Far East with an entourage, employed his son and son-in-law, and burned through $500,000 while producing $24,000 in sales. This is typical of “private placement” schemes seen by the San Joaquin County District Attorney’s Office, according to the statement.
The burglary convictions are considered serious and violent offenses and Kimble must serve 85 percent of the time in state prison; most white collar crimes are served at 50 percent in county jail under the state’s new Sentencing Realignment Law.
The District Attorney’s Office reminded the public that entering a home to steal or to commit any felony is a burglary and represents a “strike.” Protection all residents, especially the elderly in their homes, is a vital part of publication protection, according to the District Attorney’s Office statement.
The District Attorney’s Office also asked that the public report investment solicitations in which a permit from the state Department of Corporations is not presented.
“Do not give any investment peddler money without verifying their legal ability to take investments with the Department of Corporations,” read a portion of the statement. “Investment swindling is a common occurrence. (People) seriously considering placing money in a private offering should do so through an attorney in order to vet the promoter and the scheme and better protect their position. In the experience of the District Attorney’s Office, these schemes usually end with all the investor money spent on the promoter’s salary and personal expenses followed by bankruptcy of the corporate shell, followed by reappearance of the promoters later with a brand new scheme.”
People who suspect they have been the victim of such a crime should contact the local law enforcement agency.