California Real Estate Fraud Report

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Eighteen-year Prison Sentence for Glendale Man for Real Estate Investment Fraud, Ponzi Scheme

Kaveh Vahedi, the subject of earlier postings on the California Real Estate Fraud Report, was sentenced last week to 18 years in prison for defrauding investors in three separate scams.

U.S. District Judge Dean Pregerson handed down the sentence and described the Ponzi scam that Kaveh Vahedi created “one of the most heartbreaking, vicious fraud schemes” that he has ever seen. He also ordered the 52-year old Vahedi to repay nearly $9.8 million to his victims. Recovery is unlikely as the FBI has been unable to locate any of the $12 million  Vahedi’s victims gave him to invest in his company KGV Investments.

For his part, Kaveh Vahedi told the judge he was merely stupid but not a bad person. The judge, however, trusted the letters he received from the victims, many of whom lost everything and suffered divorces, health problems and difficulties feeding themselves and their families as a result of Vahedi’s actions.

In November 2012, Vahedi pleaded guilty to one count of wire fraud for the Ponzi scheme and one count of conspiracy in connection with committing mortgage fraud.

Read the original article in the Glendale News Press.

© 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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