Prosecutors have dropped a fraud case against a prominent Orange County businessman who passed away in April.
Robert Stoddard II, a resident of San Clemente, was facing multiple charges including grand theft, theft from an elder adult, and money laundering. The 64-year-old businessman had pleaded not guilty to stealing $110,000 from two clients. However, Stoddard, who was suffering from terminal cancer, tragically passed away on April 7.
Orange County sheriff’s investigators initiated an inquiry into Stoddard’s activities in March 2018. According to court documents, two female employees of Stoddard’s company, the Stoddard Group, alleged that they gave him checks amounting to $90,000 and $20,000 for investment in annuities. However, Stoddard allegedly misappropriated the funds for personal use.
Prosecutors later unveiled additional charges against Stoddard, identifying 18 victims who collectively lost over $1 million due to his actions.
Stoddard, who worked as a life insurance agent, was accused of stealing around $1 million in insurance premiums and real estate investments. Notably, the majority of the victims were elderly individuals above the age of 65.
“Despite battling cancer for the past nine months, Mr. Stoddard was determined to find a way to repay the victims,” said his attorney, Dyke Huish. “Unfortunately, his options were severely limited due to his deteriorating health. He had truly intended to make amends to all those affected by his actions.”
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