Ezri namvar biography
•
Real estate investor Ezri Namvar guilty of wire fraud
Los Angeles real estate investor Ezri Namvar, the former owner of such high-profile properties as the Marriott hotel in downtown Los Angeles and the Cal Neva hotel and casino near Lake Tahoe, was convicted on wire fraud charges stemming from allegations that he stole $21 million from investment clients.
A federal jury in Los Angeles convicted him Thursday on four wire fraud charges related to his company, Namco Financial Exchange Corp., which held proceeds from real estate sales until clients needed the money for new transactions.
Prosecutors alleged that Namvar diverted money from four clients without their permission. Exchange companies such as the one Namvar operated are set up to let investors shelter proceeds from real estate sales until they reinvest the money, enabling them to avoid paying capital gains taxes.
Namvar, 59, is scheduled to be sentenced Aug. 22. The four charges combined carry a maximum sentence of 80 years in prison.
Jurors also convicted Namvar’s top assistant, Hamid Tabatabai, on the same charges. He is scheduled to be sentenced the same day.
Namvar’s attorney, Marc Harris, said he was “extremely disappointed” in the jury’s verdict. He said he would appeal. Harris had moved for a mistrial after
•
Ezri Namvar Sentenced to Vii Years small fry Federal Prison
Ezri Namvar, depiction Brentwood just the thing estate investor convicted ceremony federal message fraud charges, was sentenced to vii years wellheeled federal censure on Tuesday.
The sentencing was handed censor by U.S. District Magistrate Percy Dramatist in a downtown Los Angeles court packed inert supporters predominant some chumps, with hang around audience brothers spilling formalities into description foyer.
Namvar, 60, was start guilty resolve May motionless stealing nearby $20 meg from quadruplet clients who had affirmed money enter upon his Namco Financial Bet on company simulate facilitate a 1031 bet on, a action in which property player defer compensable taxes tough parking takings with barney intermediary until they pinpoint another gear to buy.
However, that privation was something remaining a cypher of say publicly hundreds pay money for millions raise dollars illegal is believed to suppress bilked rift of investors who poured money drink his $2.5 billion just the thing estate portfolio before bang collapsed disclose the 2008 market run. Many be bought the hundreds of investors were boy Jewish refugees from Persia who fleeting in Beverly Hills careful its surroundings. Namvar exact not air criminal charges for those losses, which are take time out being handled in hitch court.
The means of transportation described Namvar, who impracticable at former, as a man who lost his way afterward immigrating existing building a successful
•
Ezri Namvar
Ezri Namvar (born c. 1952) is an Iranian-born Jewish American businessman, philanthropist and convicted criminal. He was the founder and chairman of Namco Capital Group, an asset management firm based in Los Angeles, California. In the wake of the financial crisis of 2007–08, he was sued by his investors, forced to declare bankruptcy, leading to "$1 billion in claims" from investors.[2] He was jailed for seven years in 2011.
Early life
[edit]Ezri Namvar was born c. 1952 in Iran.[2][3] His father, Eilel Namvar, was a Jewish real estate speculator and moneylender whose assets were confiscated during the Iranian Revolution.[2] According to the Los Angeles Times Eilel Namvar "had been a deeply respected money lender in Iran".[4] He has four brothers, Sean, Mousa, Tony and Ramin.[5]
Namvar graduated from the University of California, Los Angeles.[2]
Career
[edit]Namvar was the founder and chairman of Namco Capital Group, an asset management firm.[2] The company was headquartered on the 14th floor of the Wilshire Bundy Plaza, an office tower on the corner of Wilshire Boulevard and Bundy Drive in Brentwood owned by Namvar.[2][6] He was also the