Mullaney could receive up to 34 years in prison for accusations stemming from his role in financial venture.
Deputy District Attorney Hector Jimenez has alleged that Mullaney used his standing as a former SEAL to get others to invest in his Trident Financial Holdings & Acquisitions, then used the money for his personal gain.
“If people wanted to borrow money, Mr. Mullaney would give you a hard loan, with interest. That was the plan anyway,” Jimenez said at the defendant's arraignment in August 2012.
“Mr. Mullaney got people to invest in his company so he could have money to lend. He made some loans, but unfortunately, he didn't use the money as he said he would.” he added at that time.
—City News Service contributed to this report.