A 59-year-old man was arrested for allegedly embezzling approximately $1 million from numerous victims who invested their money with him, authorities said Thursday.
On April 17, deputies from the Perris station received a call about possible embezzlement. The caller said a large sum of money was invested in 2022 but without any returns or word from the broker since then, according to the Riverside County Sheriff’s Department.
An investigation revealed the suspect, identified as Toby Smith of Nuevo, had allegedly stolen from a number of victims.
Smith was arrested Wednesday for alleged embezzlement, elder abuse, grand theft and a white-collar sentencing enhancement. He was booked into the Cois Byrd Detention Center in Murrieta with bail set at $500,000. No background information was available on Smith.
An investigation is ongoing. Anyone with information was urged to contact the sheriff’s Perris station at 951-210-1000.