By KAREN VELIE
A jury found a local developer guilty of two counts of securities fraud, one count of financial elder abuse, and two counts of grand theft related to his attempt to garner investors for a proposed bowling alley and bar in San Luis Obispo, the SLO County District Attorney announced Wednesday.
Jeremy Pemberton, 38, faces a prison sentence of up 16 years, four months in jail. He is scheduled to be sentenced on Feb. 7.
In 2014, Jeremy Pemberton and his twin brothers 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.
In his SLO fundraising scheme, Pemberton fraudulently obtaining in excess of $500,000 from one victim and more than $200,000 from another. He 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.
The project was promoted by Pemberton but was never completed.