Billionaire Cloobeck Arrested on Witness Tampering Charge

Billionaire real estate developer Stephen Cloobeck was arrested Tuesday in Los Angeles County on a felony charge of attempting to prevent or dissuade a victim or witness from testifying, according to Los Angeles County Sheriff's Department records.

The 64-year-old founder of Diamond Resorts International was taken into custody before 11 a.m. and booked at the West Hollywood station. He posted $300,000 bail and was released the same afternoon at 1:17 p.m. Authorities have not released details about the specific case underlying the charge. If convicted, Cloobeck faces up to three years in prison.

Cloobeck's arrest comes weeks after he publicly distanced himself from former U.S. Rep. Eric Swalwell, whom he had supported in the California governor's race. Cloobeck launched his own bid for the office earlier this year, funding it with his real estate fortune because, he said, he could not find a qualified candidate. A University of California, Berkeley poll last fall showed him with less than 0.5 percent support among registered voters.

In November, Cloobeck dropped out and endorsed Swalwell, donating at least $39,200 to the campaign and providing him lodging at his Beverly Hills...