San Luis Obispo business man sentenced to four years for financial fraud of more than $500K
SAN LUIS OBISPO COUNTY, Calif. – Superior Court Judge Timothy S. Covello sentenced Jeremy Walter Pemberton, 38, to four years in state prison for financial crimes, according to District Attorney Dan Dow.
The Thursday sentencing came after a jury convicted Pemberton in December 2022 for felony securities fraud, financial elder abuse, and grand theft by false pretenses.
During the trial, evidence showed that Pemberton had made misrepresentations and omitted important material information during the course of fundraising efforts in 2017 for a proposed business project.
The jury determined the theft crimes were in amounts greater than $500,000, according to Dow.
According to the trial, Pemberton misrepresented to investors the amount of financing he had received from other investors and failed to disclose that his lease for the business project property was in default.
Dow said the business project was located at 1144 Chorro Street, the former location of Sports Authority in downtown San Luis Obispo.
Pemberton’s plan was for his company, Discovery San Luis Obispo, to develop the site into a multi-use facility that included a bar, restaurant, and bowling alley, according to Dow.
The project promoted by Pemberton, however, was never completed, according to the DA's office.
The San Luis Obispo County Sheriff will transport Pemberton to the California Department of Corrections and Rehabilitation according to Dow, where he will be ordered to pay full restitution.
A restitution status determination hearing is scheduled for May 23, 2023 in the San Luis Obispo County Superior Court.
“White collar crime is a serious matter that often involves predatory practices against victims who are elderly and vulnerable,” said Dow. “I am proud of our special prosecutions unit that works hard to protect consumers and hold individuals and businesses accountable for their white collar crime.”
Contact Assistant District Attorney Eric J. Dobroth at 805-781-5819 with any questions.