California Real Estate Fraud Report

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Ezri Namvar Convicted in Real Estate Investment Fraud

Los Angeles real estate investor Ezri Namvar was convicted by a federal jury on four charges of wire fraud  related to his company, Namco Financial Exchange Corp.  Namco’s business was to hold the proceeds from real estate sales until the investors were ready to purchase, shielding them from capital gains taxes.

Namvar, 59, formerly owned high-profile properties as the Marriott Hotel in downtown Los Angeles and the Cal Neva Hotel and Casino near Lake Tahoe. His conviction stems from charges that he diverted money from four of his clients without their permission. Most of Namvar’s clients were Iranian immigrants who wanted to invest with a member of their own community.

Ezri Namvar and his assistant Hamid Tabatabai, who was also convicted on the same charges, are scheduled to be sentenced August 22. Namvar’s attorney Marc Harris has promised an appeal. 

Read the full article in the Los Angeles Times. There are also two previous articles in the California Real Estate Fraud Report about Ezri Namvar. Click here and here to retrieve them.

© Copyright 2007-2018 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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