California Real Estate Fraud Report

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Ponzi Scheme Alleged in Beverly Hills Persian Jewish Community

Bankrupt Brentwood businessman Ezri Namvar is facing five L.A. Superior Court lawsuits and one bankruptcy lawsuit accusing him of running a Ponzi scheme and stealing money from escrow accounts to keep his various businesses afloat. Several of the suits name several of Namvar’s relatives as defendants as well.

Namvar’s primary firm, Namco Financial, operated Namco Financial as a qualified intermediary, meaning that it facilitated the tax deferred exchange of properties in 1031 exchanges.

Namvar made his fortune in real estate investments by borrowing money from fellow Persian Jews in Beverly Hills, many of whom trusted Namvar and turned over their life savings, without receiving any collateral in return. Those monies are now most likely entirely gone.

Read the Full Article in the Los Angeles Business Journal.

© 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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