$1M embezzlement suspect arrested in Riverside

A 59-year-old man was arrested for allegedly embezzling approximately $1 million from numerous victims who invested their money with him, authorities said Thursday.

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On April 17, deputies from the Perris station received a call about possible embezzlement. The caller said a large sum of money was invested in 2022 but without any returns or word from the broker since then, according to the Riverside County Sheriff's Department .

An investigation revealed the suspect, identified as Toby Smith of Nuevo, had allegedly stolen from a number of victims.

Smith was arrested Wednesday for alleged embezzlement, elder abuse, grand theft and a white-collar sentencing enhancement. He was booked into the Cois Byrd Detention Center in Murrieta with bail set at $500,000. No background information was available on Smith.

An investigation is ongoing. Anyone with information was urged to contact the sheriff's Perris station at 951-210-1000.

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