New details about a million-dollar scam perpetrated by a Carlsbad man will be revealed at a preliminary hearing early next year, according to a statement by prosecutor Anna Winn on October 14.
Dennis Eugene Long, 64, was in court to plead not guilty to 69 felony charges. His next hearing date is January 29, 2015.
Investigators claim that Long collected $1,228,542 from 33 victims, beginning in 2005 when he was attending New Way Christian Ministries in Temecula.
More recently, in 2012, the alleged fraudster was frequenting Daybreak Church in Carlsbad, where he offered a “special opportunity” to persons with whom he attended Friday-night Bible studies.
“Long represented himself as a very successful businessman and a devout Christian,” prosecutor Winn stated.
Long claimed that he founded a pharmaceutical business called CDCDA, which manufactured an herbal Viagra pill, and he had an agreement to sell that company for $4 million, it is alleged.
Long showed potential investors a document on an attorney’s letterhead, with a forged signature, to authenticate the fictional multimillion-dollar sale of his company, according to prosecutor Winn.
Long told people he could include them as “original investors” because some of the “original investors” had backed out, but the fortunate few couldn’t talk about this special offer because Long did not have enough shares for everyone. The privileged investors were required to sign a “confidentiality agreement,” it is alleged.
Long collected $108,281 from four couples he met at the Carlsbad church Bible study, the prosecutor alleges, but the promised pay-out times came and went and the couples eventually began to talk with each other. The “investors” hired a private investigator who was able to invest in the same scheme, and then details were brought to the Carlsbad Police Department.
Bank records show investors’ money was spent by Long and his family on regular expenses and private school for his daughter and “extensive retail shopping,” it is alleged.
When Long was arrested, it was determined that his only legitimate income came from Social Security and his wife’s work as a retail clerk at Nordstrom. He represented himself as a corporate-level employee of Target stores, but he was actually fired from a retail clerk position at that company, the prosecutor alleged.
Long has been held in lieu of $1 million bail since his arrest in April of this year.