Man in Fraud Case Ordered to Pay
A Fullerton man awaiting sentencing for fraud has been ordered to repay $16 million to 130 investors, but his assets are expected to cover only 20% to 30% of the losses, authorities said Tuesday.
Scott K. Yoshizumi, whose Cerritos-based Concord Capital Inc. promised returns of 2% to 4% a month, didn’t contest a civil fraud lawsuit filed by the Securities and Exchange Commission.
As a result, a judge last week ordered Yoshizumi to repay investors and fined him $110,000, SEC senior trial counsel Nicolas Morgan said.
Yoshizumi, who pleaded guilty last month to federal criminal charges, claimed to be trading in offshore letters of credit but made virtually no investments.
Court-appointed receiver James Donell said the investors will recover no more than 20 cents to 30cents on the dollar when the assets are sold.
Among the seized valuables are a $1.3-million Fullerton home and a BMW automobile that Yoshizumi bought for a girlfriend, and two Mercedes-Benz automobiles he purchased for an employee of his company.
Yoshizumi’s plea bargain calls for him to be sentenced Jan. 7 to eight years in federal custody for fraud and money laundering.
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