Former Agoura man stole from employees

Michael Joseph Pearns, 58, a former Agoura Hills resident, was sentenced to three years in state prison for stealing more than $97,000 from his employees and business partners.

According to police reports, from 1995 to 2000, Pearns and two partners ran MJP Financial, also called Mountain View Financial, a real estate loan firm in Westlake Village. The firm closed in 2000.

While the firm was in business, 12 employees made 401(k) contributions into an account at Morgan Stanley. The account contained $97,185.

Based on Pearns' status as a trustee, Morgan Stanley allowed Pearns to transfer all of the money in the company 401(k) account into Pearns' personal IRA., the district attorney's office said. Pearns then transferred $30,000 out of the IRA into another personal account.

When a former business partner of the loan firm and cotrustee learned what Pearns did, she reported the matter to the police. Some money was recovered when Pearns returned the $70,000 still in his account.

Pearns was also ordered to pay restitution to the victims.