Ex-Navy SEAL Jason Mullaney refuses plea deal in investment scheme case

Mullaney rejects offer of short prison sentence

SAN DIEGO - A former Navy SEAL accused of stealing more than $1 million from fellow SEALs and others as part of an alleged investment scheme decided Tuesday that he would rather take his chances in court than accept a plea agreement.

According to prosecutors, Jason Mullaney bilked 11 active and retired Navy SEALs out of more than a million dollars and reportedly schemed $50,000 from a family friend.

"We do have an additional victim -- a family friend -- who was defrauded by Mr. Mullaney and we will add that to the complaint," said Deputy District Attorney Hector Jimenez.

Prosecutors alleged that Mullaney used his standing as a former SEAL to get others to invest in his Trident Financial Holdings & Acquisitions, then transferred the money into his own bank accounts for personal gain and to enhance his lifestyle.

Mullaney could face up to 27 years in prison if he is convicted on all counts. On Tuesday, he turned down a plea agreement that included a reduced sentence of 6 years, 4 months.

Mullaney remains in custody. He has been in custody since August 2012.

A preliminary hearing is slated for May, with a trial set for September.

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