Newport Parolee Sentenced to Prison for $198K Fraud Scheme

A Newport Beach parolee was sentenced Friday to 13 years in state prison for stealing $198,000 from seven people through financial schemes, according to the District Attorney's office.

Calvin James Calvin, 48, was found guilty on Jan. 28 of seven felony counts of grand theft, four felony counts of using untrue statements in the purchase or sale of a security, and sentencing enhancements and allegations for causing over $100,000 in loss, property loss over $150,000, and a prior 2003 conviction for grant theft, for which he was on parole at the time of the crime, the D.A. reported. He represented himself at trial.

According to prosecutors, Calvin defrauded at least seven people between December 2005 and March 2008, whom he met through church and business, and claimed he was a financial investor for professional athletes including LeBron James and Kobe Bryant.

In his first scheme, Calvin told five of his victims he was an investment broker, despite not being licensed to sell securities. He told the victims he would invest their money in various stocks and promised them high returns. Calvin claimed that his commission would be taken out of the profits at no cost to the victims.

In the second scheme, Calvin claimed to be the chief financial officer of a legitimate alarm company and convinced at least one victim to invest in the company, which he had no ties to.

In the third scheme, Calvin entered into a contract with at least one victim under the pretense of helping to raise capital for the victim’s business. According to prosecutors, in all three schemes Calvin provided a fake business address which went to a post office box in a Newport Beach laundromat.

Calvin had the victims’ money deposited into a business account and then transferred the money into his own personal accounts. He used the money to buy a home in Washington, a new Mercedes-Benz and sports memorabilia.

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