Namvar the owner of financial corporation, found guilty for stealing $23 million
L.A. businessman Ezri Namvar, who filed bankruptcy protection for his investment companies and hotel, is accused for stealing $23 million. He tried to reinvest his client’s money in the real estate but the money is now on hold.
The federal jury alleged that there were 5 investors who had invested in the Namvar Financial Corp. The investment was held as qualified intermediary for property transaction in the Los Angeles; and it was called as 1031 exchanges.
Namvar and other defenders utilized the investment to pay off their creditors, and they invested the money in the Namvar Capital group. Namvar was found guilty for 5 counts of fraud wire, each count results in maximum of 20 years of federal prison.
Namvar’s attorney, Marc Harris did not reply to his phone message at his office, though he confirmed Namvar’s surrender on morning Sept 27.
Namver, who owns a hotel in LA, also runs a financial company which filed bankruptcy in April. There were involuntary petitions since December 2008 against him, which forced Namvar and Namco Capital to file bankruptcy. He was sued by banks and Persian Jewish community for the million dollar loans that he has taken.