Man sentenced for financial fraud
Judge sentences Jeremy Walter Pemberton to serve four years in prison
– San Luis Obispo County District Attorney Dan Dow announced this week that San Luis Obispo County Superior Court Judge Timothy S. Covello has sentenced Jeremy Walter Pemberton, 38, to serve a term of four years in state prison for the financial crimes he was convicted of by a jury in Dec. 2022.
“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.”
The criminal case against Jeremy Walter Pemberton was based on evidence that Pemberton had made misrepresentations and omitted important material information during the course of fundraising efforts in 2017 for a proposed business project in San Luis Obispo.
During the lengthy trial, the jury heard evidence that Pemberton had 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. The location for the business project was 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. The project promoted by Pemberton was never completed.
In December, at the conclusion of the jury trial, Pemberton was found guilty of felony securities fraud, financial elder abuse, and grand theft by false pretenses and the jury determined the theft crimes were in amount greater than $500,000.
Pemberton was remanded into the custody of the San Luis Obispo County Sheriff for transport to the California Department of Corrections and Rehabilitation. He will be ordered to pay full restitution and a restitution status determination hearing is scheduled for May 23, 2023, in Department 1 of the San Luis Obispo County Superior Court.
This matter was investigated by the District Attorney Bureau of Investigation and is currently being prosecuted by Deputy District Attorney Ken Jorgensen who is assigned to the District Attorney’s Special Prosecutions Unit.
A sentence to state prison for a specified number of years does not mean that the person will spend that amount of time incarcerated. Due to the complexity of California law regarding prison sentences and special credits for good behavior and participation in prison programs, it is impossible to predict how long the defendant will serve before being released back into the community.
