Free Republic

As he sold investors on an improbable plan for turning Inland Empire cow manure into electricity, W. Patrick Moriarty had an answer for everything. With a folksy delivery, the Orange County businessman promised cutting-edge technology, a respected engineering firm and tax-exempt financing to extract methane gas from mountains of manure and use it to generate enough power to light a small city. "He told me categorically that we would get our money back with interest and that the project was good as gold," said Shmuel Erde, a Beverly Hills lender. What Moriarty and his business partner, Wayne Stephens, didn't tell...