According to the complaint filed with police, Barbara Leigh and Stanford City Council member Jamie Leigh also were investors.
False investment paperwork had lulled the victims into trusting Net City by indicating the company was a affiliated with Met Life Insurance companies and of legitimate financial protection companies, Securities Investor Protection Corp. and NASD. Officials from the bank and Met Life confirmed that Net City was never an associate during that time, police report.
Willhoit's only apparent connection to National City was his duel accounts there. Both accounts have been frozen, said Edwards, but no money recovered.
It might never be found, the officer added. "No, I don't see it. I really don't."
The total amount of Willhoit's accounts cannot repay the money reported stolen, said Edwards. Investors' cash is thought to have been used to support Willhoit's comfortable lifestyle before his arrest.
Willhoit was caught during a sting operation, manned in part by a victim, said Edwards. A client said she wanted to further invest, and drew Willhoit back into town to collect the money.
Willhoit's alleged white-collar crime will cost the city even more, in the form of manhours devoted by the police department investigating the complicated case.
"White-collar crime is never easy. It's a paper trail, and it takes time," said Edwards.
Commonwealth's Attorney Eddy Montgomery, who is expecting to see the case cross his desk, said that white-collar crimes like fraud take numerous manhours to prosecute as well.
"We don't get much of it. Kinds of cases like that are difficult for us because we already have so much work, and the paperwork is just mountainous. It makes it very time consuming."
Montgomery and Edwards hope to get the FBI involved in the investigation.
With help from the greater-equipped FBI fraud division, the trail can be deciphered and the case prosecuted more efficiently. Especially since the reported crimes stretch across jurisdiction lines, said Montgomery.
Edwards also has a reason to want assistance in the lengthy investigation. The amount of time a case can languish before being sent to a grand jury is limited, so future charges hinge on the completion of Edwards' investigation.
"Now I have 60 days to indict him," Edwards explained, "so the clock's ticking."