U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Concord Capital Inc., Scott Yoshizumi, et al.

In November 2000, the SEC filed an emergency civil action against Concord Capital Inc., Scott Yoshizumi, and others in connection with a Ponzi scheme involving the fraudulent sale of non-existent prime bank securities. The scheme raised approximately $17 million from over 200 investors. The Court froze the assets of the defendants as well as relief defendants. In a related criminal action, Yoshizumi was sentenced to approximately ten years in prison for his role in the scheme. For more information about the SEC's action, you can read litigation releases: 16809 (Nov. 24, 2000), 17186 (Oct. 16, 2001), and 17222 (Nov. 5, 2001).

The Court appointed James H. Donell as Receiver to collect and distribute assets to defrauded investors. The Receiver has liquidated assets, including real property, automobiles, and offshore assets, and has recovered approximately $4 million. The Court has given approval to the Receiver to make an interim distribution of $2 million to investors, and he expectes to make the distribution in approximately 90 days. The Receiver continues to pursue actions against others who recieved ill-gottrn gains.

For more information, you can contact the Receiver at (310) 207-8481 or james.donell@jalmar.com.


Modified: 02/12/2003