California Real Estate Fraud Report

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Ezri Namvar Indicted in Failed Real Estate Venture

Los Angeles real estate businessman Ezri Namvar has been indicted on five counts of wire charges by a federal grand jury for diverting the investment money of five of his clients without their permission.

Namvar’s firm Namco Financial Exchange Corpo. was supposed to hold the clients’ money, which they had earned from the sale of real estate, until new purchases were made in order to shelter the money from income taxes. His other prominent holdings were the Marriott in Downtown Los Angeles and the Cal Neva resort located in Lake Tahoe.

Namvar raised very large sums of private money, mostly from the local Iranian Jewish community, through Namco Capital Group Inc., which then invested it in commercial real estate. He was forced into bankruptcy in 2008 after suffering significant losses. The court-appointed bankruptcy trustee accused him of using the investors’ money “as his personal family piggy bank” and the investors’ attorney, A. David Youssefyeh, said that many of his clients lost their entire savings as a result of their association with Namvar.

Hamid Tabatabai, Namco Financial’s controller and vice president, was also charged in the indictment.

The Los Angeles bureau of the FBI is still investigating the case, according to a spokesperson.

Read the full article in the Los Angeles Times. A second article in the Los Angeles Times that names some of the investors and their feelings about the prosecution can be read here.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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