California Real Estate Fraud Report

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13
Oct

Ezri Namvar Sentenced to Prison

Ezri Namvar, once a well-known investor in the Los Angeles Iranian community, has been sentenced to seven years in federal prison after being convicted of wire fraud.

Namvar owned a company called Namco Financial Exchange Corp., the purpose of which was to hold the monies from commercial real property sales until his clients could reinvest the money, saving them from pay taxes on the sales.

The prosecution and an attorney representing many of the investors charged that Namvar diverted millions of those funds to pay creditors of another company he owned. Namvar’s attorney, Marc S. Harris, countered that the investors knew how their funds were being used and approved.

Namco Capital Group Inc.,  one of Ezri Namvar’s other businesses, is the focus of claims by other investors, whose voices are being heard in U.S. Bankruptcy Court.

Read the original article in the Los Angeles Times.

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