BRIEFLY IN THE NEWS Former Costa Mesa...

BRIEFLY IN

THE NEWS

Former Costa Mesa resident sentenced

A former Costa Mesa resident who defrauded investors in a series

of oil and gas investments was sentenced to 30 months in federal

prison and ordered to pay a fine of $3.9 million, officials said

Monday.

Patrick Wayne Maloy, 44, who now lives in Norman, Okla., pleaded

guilty in January to one count of mail fraud and one count of tax

evasion. He also admitted that he solicited victims to invest in

companies, which he told them were involved in the exploration,

development and production of oil and gas producing properties.

Prosecutors said Maloy raised more than $4 million from more than

100 investors across the country. They said Maloy did not invest any

of the funds, but used them to buy expensive cars and vacation homes

and beachfront properties in Malibu and Newport Beach.

Officials said Maloy also used the money to operate a Ponzi scheme

-- using money from new investors to pay off old investors. Maloy

operated the scheme between 1993 and 1999, officials said.