Attorney will surrender to authorities today

A Newport Beach attorney indicted on federal fraud and money laundering charges, who was scheduled to surrender to federal authorities Thursday, will instead do that today, authorities said.

A federal grand jury in Santa Ana indicted Gerald M. Shaw, 59, Wednesday.

Shaw and co-defendant Gregory De Lavalette did not surrender Thursday as Shaw’s attorneys were in court arguing another case, federal prosecutors said.

Shaw and De Lavalette, 51, of Rancho Santa Fe, solicited investments, promising returns as high as 40% a week, claiming the money would be used for European bank trades, prosecutors said. The scam allegedly yielded $1 million.

An arraignment will most likely be scheduled for Oct. 1, prosecutor Greg Staples said.

“He acknowledges being involved but didn’t admit any wrongdoing,” Staples said.

— Kelly Strodl