California Real Estate Fraud Report

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Archive for the '1031 Exchange Fraud' Category

Mortgage Fraud Convictions Served Up in Vallejo Valley

June 7th, 2009 at 10:14am

An escrow officer has been convicted of two counts each of felony grand theft and felony identity theft by an Alameda County jury.

Former Financial Title escrow officer Wonda Kidd, 58, was convicted for her vital role for aiding and abetting a “massive” Vallejo-based real estate fraud scheme, according to prosecutors. She faces up to five years in  state prison when she is sentenced. Co-conspirator and accused mastermind Karim Akil, 42, already pleaded guilty to grand theft charges in 2008 and is currently serving a three-year sentence in state prison.

Read the Full Article in the Times Herald.

Ponzi Scheme Alleged in Beverly Hills Persian Jewish Community

March 27th, 2009 at 10:17am

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.

1031 Exchange Fraud Alleged in San Jose

August 8th, 2008 at 7:37pm

A San Jose-based company that specialized in assisting real estate investors defer paying capital gains taxes by utilizing 1031 exchanges is under investigation and its officers under a cloud of scrutiny by the Santa Clara County District Attorney’s Office.

The offices of Vesta Strategies and the homes of Chicago businessmen John Terzakis and Robert Estupinian were searched and both are no accusing each other of embezzling $4.5 million from the company and its clients, who are unlikely to recover any of their money.

Read the Full Article in the San Jose Mercury News.

© 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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