On March 24, 2011, a federal grand jury in Fresno indicted Medcalf charging him with defrauding investors of $3.2 million.
According to the indictment, from May 2002 to October 2007, Medcalf, a financial advisor, defrauded his clients by encouraging them to invest in bogus investment opportunities, primarily two that he had formed himself: All Valley Holdings LLC and CenCal Value Investments LLC.
The indictment alleges that Medcalf did not invest the clients' money as promised but used it for his own personal expenses and enjoyment.
