BARTLESVILLE — The preliminary hearing for a man and woman charged with conspiring to defraud investors in Osage and Washington counties of at least $1 million has been delayed until March, according to Washington County District Court records.
Former area financial advisor Larry Joe Dearman, 40, faces four counts of felony embezzlement, seven counts of obtaining money by false pretenses and seven counts of conspiracy. Dearman, a former Barnsdall resident who was living in Tulsa, has been jailed in Bartlesville on a $150,000 bond since his arrest October 23.
Bartlesville businesswoman/real estate agent Marya Gray, 50, is charged with seven felony counts of conspiracy. She was freed on $150,000 bond following her October arrest.
The charges were brought against Dearman and Gray in the wake of over a dozen civil lawsuits filed in Osage and Washington counties during late 2012 and early 2013. In those suits, monetary damages were being sought by more than 30 area residents who claimed they had been defrauded through investment dealings with the pair between late 2008 to August 2012.
An initial criminal hearing in the case was originally scheduled for last Thursday. It has now been re-set for March 11 before Special Judge John Gerkin.
A complaint made five months ago by the U.S. Securities and Exchange Commission alleges Dearman and Gray raised at least $4.7 million through various financial schemes and “squandered the vast majority of investor funds on gambling, personal expenses, and Ponzi payments.”