Fullerton Man Pleads Guilty to Fraud
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A Fullerton man has admitted operating a bogus investment scheme that bilked 130 investors out of $17 million, the U.S. attorney’s office said.
Scott K. Yoshizumi, 40, pleaded guilty Wednesday to fraud and money laundering. He is scheduled to be sentenced Jan. 7 by U.S. District Judge Audrey B. Collins.
Yoshizumi, who had two previous fraud convictions, faces a maximum sentence of 50 years, although prosecutors agreed to recommend a sentence of eight years.
Yoshizumi was indicted April 24 for running an investment scheme out of his Cerritos-based company, Concord Capital Inc. He promised investors returns of 24% to 48% a year, but made virtually no investments, prosecutors said.
He used $1.3 million to buy a house in Fullerton and spent thousands on luxury cars, trips and home renovations, prosecutors said.
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