ESCONDIDO (CBS 8) - A man accused of molesting several children more than a decade ago is in jail on $5 million bail Tuesday.

Riverside County sheriff's deputies arrested 47-year-old Richard Sears, an executive and founder of an IT company, and executed a search warrant on his home.   

Investigators say Sears allegedly molested children from 1999 to 2004.  The investigation didn't start until August 6th.

CBS News 8 has learned, with several alleged victims, that the Statute of Limitations doesn't apply. His neighbors are shocked.

Sears' neighbor John, who didn't want to reveal his last name, says he never noticed anything abnormal and thought Sears was mentoring children.

"He was taking in foreign exchange students, constantly yeah a lot of young boys. Lots of them always hanging out, playing out in the street playing basketball all the time and nothing seemed out of the ordinary about that," he said.

The former marine was also a board member of the American Heritage Education Foundation, a program that raises funds for Escondido charter schools.

Their executive director says they asked Sears to resign and says he did not have direct contact with students nor does he believe the allegations involve students.

Sears is due to appear in court on Wednesday.

The investigation was described as ongoing, and detectives asked anyone with information to contact Investigator Tom Salisbury at the Riverside County Sheriff's Perris Station at (951) 210-1000 or Detective Jeff Udvarhelyl with the Escondido Police Department at (760) 802-7292.