Joseph DiPrimio Pleads Guilty in $2.5 Million Investment Scam

North Fulton Businessman Convicted on 35 Counts,
Handed 30-Year Sentence

Atlanta-Fulton County District Attorney Paul L. Howard, Jr. (Atlanta Judicial Circuit) announces that Joseph A. DiPrimio (49) has pleaded guilty to 35 felony counts involving the theft of approximately $2.5 million. DiPrimio pleaded to 14 counts of violation of the Georgia Securities Act of 1973, 17 counts of theft by taking, and four counts of forgery in the first degree. The charges stemmed from DiPrimio's involvement in Time Out Sports Bar & Grill, Inc., which operated two locations-one in Dunwoody and the other in Duluth. Having secured over $4 million from investors in the business, DiPrimio, president of the venture, subsequently misappropriated nearly $2.5 million of that money. He was also accused of forging stock certificates, selling unregistered securities, committing fraud in selling securities, and other violations.

DiPrimio was sentenced to 30 years-four months of which are to be served in prison. The prison sentence was delayed until payment of the first half of the total $2 million restitution is complete, which is scheduled for early 2005. DiPrimio must also perform 2000 hours of community service. The defendant's restitution plan is extremely structured and calls for an immediate prison sentence of 10 years if the first installment is not paid on time.

Chief Senior Assistant District Attorney Brad Malkin prosecuted the case; the Fulton County District Attorney's White Collar Crime Unit and the Secretary of State's Office investigated; and Judge Gail Tusan presided.

CONTACT: Erik Friedly, 404-224-0560 (office); 404-533-1381 (pager)