The San Luis Obispo County District Attorney’s Office has charged a local developer with securities fraud, financial elder abuse, and grand theft related to his attempt to garner investors for a proposed bowling alley and bar. A warrant has been issued for Jeremy Pemberton’s arrest.
Between April through Aug. 2017, Pemberton is accused of fraudulently obtaining in excess of $500,000 from one victim and more than $200,000 from another.
It is alleged that Pemberton misrepresented the amount of financing he had received from other investors and failed to disclose a default on the lease for 1144 Chorro Street in San Luis Obispo. Pemberton promoted Discovery San Luis Obispo as a multi-use facility.
Pemberton is facing charges of two counts of securities fraud, one count of financial elder abuse, and two counts of grand theft. If convicted of all charges, Pemberton faces a prison sentence of up 16 years, four months in jail.
In 2014, Jeremy Pemberton and his twin brothers Joshua Pemberton began to solicit investors in their plan to turn the site of the San Luis Obispo Sports Authority into a bowling alley, restaurant and performance site for live music. Their goal was to open in late 2015.
At the time, San Luis Obispo city officials voted in favor of the brother’s plans even though they had been accused of fraud regarding similar proposals in Santa Barbara County. The twins’ prior business deals resulted in claims of fraud and a bankruptcy with $1.4 million in unpaid wages, debts and charity pledges that were never fulfilled.