Starting in 2006, a South San Francisco man began the process of duping victims out of what amounted to $800,000. Or at least that's the accusation.
Floro Lorenzo Cruz, 68, entered a not guilty plea on Tuesday in San Mateo Superior Court to six counts of felony embezzlement. He is accused of claiming to be an investor and convincing six different people to give him money to be invested overseas.
According to San Mateo County District Attorney's Office notes, he claimed he was putting the money toward power plants and real estate.
Eventually he was arrested when the money came back as almost a million dollar loss.
After entering his plea, the case was continued to March 4 for a pretrial and March 18 for a jury trial. Cruz was taken into custody on $500,000 bail.
