Los Gatos Man in Jail on $1 Million Bond on Charges of Grand Theft

A Los Gatos man is in jail on a $1 million bond after being charged with 10 felonies related to violations of the California corporations code and grand theft crimes.

According to a Santa Clara County sheriff's arrest report, Gilmore Erickson, 70, was arrested at 5:45 p.m. March 15 at 20400 Kent Way and Hebeard, in Los Gatos.

He faces seven corporations code felonies for allegedly offering to sell unqualified securities in an issuer transaction, whether or not by or through underwriters.

He's also alleged to have willfully employed, directly or indirectly, a device, scheme, or artifice to defraud in connection with securities' offers.

Also among the corporations code charges is that he allegedly made untrue statements when he offered or sold such securities.

Penal code charges include three felony grand theft charges for allegedly taking personal property of a value exceeding $950.

According to Erickson's corporationwiki.com profile, he was at one time connected with Evans Lane Partners Lp and Gilco Development Inc.

Erickson was acting managing member of Delmas Tower LLC, a developer in San Jose, which filed for Chapter 11 bankruptcy protection under the name "Delmas Towers LLC."

—Los Gatos Patch will update this story as more information becomes available.