U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17186 / October 15, 2001
SEC v. Concord Capital Enterprise, dba Concord Capital Inc., Scott
Yoshizumi, Ann Ta, and Dionisia Pappas, Case No. SA CV 00-1131 AMS
(EEx) (C.D. Cal.).
United States v. Scott K. Yoshizumi, Case No. CR 01-344 ABC (C.D.
Cal.).
CALIFORNIA EX-FELON PLEADS GUILTY IN FRAUDULENT INVESTMENT SCHEME
On October 10, 2001, an Orange County man pled guilty to federal
criminal charges arising out of a fraudulent prime bank investment
scheme. Scott Yoshizumi, age 40, of Fullerton, California, pled guilty
to charges of securities fraud, mail fraud, wire fraud, and money
laundering based on his ownership and control of Concord Capital,
Inc., of Cerritos and La Palma, California.
The United States Attorney for the Central District of California
prosecuted Yoshizumi for operating a fraudulent "Ponzi" scheme that
offered fictitious investments to individuals throughout the United
States. As part of his guilty plea, Yoshizumi admitted that he
defrauded over 100 investors of more than $17 million. Yoshizumi
admitted that he spent this money on personal expenses, such as houses
and luxury cars. Yoshizumi further admitted lying to investors about
his personal background. Yoshizumi told investors that he was a
legitimate businessman with significant experience in the financial
world. In fact, Yoshizumi had two previous federal criminal
convictions for investment fraud, had previously filed for personal
bankruptcy, and had none of the professional or educational
credentials that he bragged about to investors.
United States District Judge Audrey B. Collins accepted Yoshizumi's
guilty plea and set the matter for sentencing on January 7, 2002.
Under the terms of the plea agreement filed with the Court, the
government and Yoshizumi have jointly recommended that Yoshizumi be
sentenced to 96 months in federal prison.
In November 2000, the Securities and Exchange Commission filed an
emergency civil action against Yoshizumi, Concord Capital, and others
alleging fraud in the offer and sale of this investment. The
Commission's civil action is pending in federal court. See Litigation
Release , November 24, 2000.
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Modified 10/15/2001
SNIPPETS:
U.S. SECURITIES AND EXCHANGE COMMISSION
United States v. Scott K. Yoshizumi, Case No. CR 01-344 ABC (C.D.
CALIFORNIA EX-FELON PLEADS GUILTY IN FRAUDULENT INVESTMENT SCHEME
On October 10, 2001, an Orange County man pled guilty to federal criminal charges arising out
Scott Yoshizumi, age 40, of Fullerton, California, pled guilty to charges of securities
The United States Attorney for the Central District of California prosecuted Yoshizumi for
As part of his guilty plea, Yoshizumi admitted that he defrauded over 100 investors of more
Yoshizumi admitted that he spent this money on personal expenses, such as houses and luxury
In fact, Yoshizumi had two previous federal criminal convictions for investment fraud, had
United States District Judge Audrey B. Collins accepted Yoshizumi's guilty plea and set the
Under the terms of the plea agreement filed with the Court, the government and Yoshizumi have
In November 2000, the Securities and Exchange Commission filed an emergency civil action
The Commission's civil action is pending in federal court.
See Litigation Release, November 24, 2000.
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