United States Magistrate Judge Margaret A. Nagle ordered the defendant detained without bond, finding that he was an economic danger to the community and a potential flight risk. Yoshizumi is scheduled to be arraigned on the indictment before a United States Magistrate Judge on April 30. Yoshizumi is charged with seven counts of securities fraud, seven counts of mail fraud, three counts of wire fraud, six counts of money laundering and one count of criminal forfeiture. If convicted of all counts, Yoshizumi faces a maximum possible sentence 240 years in federal prison. An indictment contains allegations that a defendant has committed a crime.
Every defendant is considered innocent until and unless proven guilty beyond a reasonable doubt.
This case is the result of an extensive investigation by the Federal Bureau of Investigation, which received substantial assistance from the Pacific Regional Office of the Securities and Exchange Commission. Return to the 2001 Press Release Index.