UPDATE: Arraignment Set for Morris Gussin

Former South Pasadena resident Morris Gussin was held on 24 felony counts of grand theft and security violations at his

"The before the preliminary hearing was nine years in state prison, which is usually—but not always—raised after the hearing," said South Pasadena Detective William Earley, who testified Monday on behalf of Gussin’s 10 alleged victims from the Pasadena area. 

If convicted, Detective Earley says Gussin could potentially receive multiple years in jail for each of the 24 felony counts. Gussin's arraignment is scheduled for July 11, where he will choose from a jury or court trial.

Residing in South Pasadena from 2004 to 2008, Gussin operated his own insurance, security and public accounting firm. Officials allege he stole more than $3.4 million in a Ponzi scheme where he falsely led his clients to believe he was investing their money.

Gussin was , but additional victims were located after Detective Earley filed the case. 

Gussin is currently being held at the Men’s Central Jail in downtown Los Angeles.