NEWS RELEASE         FROM:
Stephen Gibbons, Assistant District Attorney   CONTACT PERSON:
John Chase, Deputy District Attorney
Major Fraud Unit
(408) 792-2595    For release on April 20, 2006     NEW CHARGES FILED AGAINST MOSES JOSEPH   Moses Joseph, 46, formerly of Palo Alto, was arraigned yesterday on a new criminal complaint charging him with theft, forgery, and securities fraud. Joseph has been in custody since his arrest last May on earlier charges of theft, perjury, and falsifying documents. The previous complaint charged Joseph with stealing approximately $9,000,000 from five companies, including Eastman Kodak Company and U.S. Bank. The new complaint charges Joseph with stealing another $4,700,000 from five more companies and one individual.  Bail in the new case was set at $1,000,000. Bail in the earlier case remains at $5,000,000.   The new complaint charges Joseph with stealing $2,000,000 from the Japanese company Itochu Corporation and its American subsidiary Itochu Technology Ventures, $340,000 from Bank One, $1,000,000 from Ajay Puri, $412,971.55 from Bridge Bank, $403,647.78 from Wells Fargo Bank, $606,593.73 from Wells Fargo Equipment Finance, Inc., and an unspecified amount over $400 from PowerWAN, Inc., a Santa Clara County based startup company. The complaint also charges Joseph with securities fraud in connection with the sale of PowerWAN, Inc. stock to the Itochu companies, the sale of PowerWAN, Inc. stock and a limited partnership interest in Anila Fund III to Ajay Puri, and the sale of warrants for PowerWAN, Inc. stock to Bridge Bank.  The complaint also charges Joseph with forging a signature on a certificate of shares of PowerWAN, Inc. stock.   If convicted of all counts Joseph could be sentenced to more than twenty-eight years in state prison.   # # #  

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