Bakersfield CPA Sentenced to 15 Months in Prison for Stealing $355,000 from Investors

FRESNO, Calif. — Jeffrey Todd Stewart, 58, of Bakersfield, was sentenced today to 15 months in prison for stealing $355,000 from investors, U.S. Attorney Phillip A. Talbert announced.

According to court documents, Stewart was employed as a certified public accountant in Bakersfield. Between September 2014 and June 2018, Stewart solicited and received over $2 million from investors to pay fees and expenses purportedly needed for an overseas business deal. Stewart represented to the investors that their investments were being used for the deal and promised significant returns. Although Stewart used most of the money for the purported deal, he spent $355,000 of the money obtained from the investors on his own personal expenses, including mortgage payments, trips to Las Vegas, and gambling.

This case was the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Joseph Barton and Brittany Gunter prosecuted the case.