May 21, 2011
LA Real Estate Mogul Convicted Of $21m Fraud
"A bankrupt Los Angeles real estate developer has been convicted of stealing some $21 million through a tax shelter scheme. Ezri Namvar was found guilty Thursday of four counts of wire fraud along with a second defendant, 63-year-old Hamid Tabatabai. They could face up to 80 years in federal prison. Namvar, a 59-year-old Brentwood resident, was accused of bilking four people through a company that was supposed to hold their money until it was used for real estate transactions."
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