LA Real Estate Mogul Indicted For Fraud
LOS ANGELES (AP) — A Los Angeles real estate mogul who once owned billions in property has been indicted on federal wire fraud charges.
A grand jury indicted Ezri Namvar on Tuesday. His attorney, Marc Harris, tells the Los Angeles Times that Namvar is facing five counts of fraud related to a company that sheltered proceeds from his real estate transactions.
Harris says his client was an innocent victim of the economic downturn.
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Using money from investors, Namvar bought a Los Angeles Marriott hotel and other commercial properties.
When his deals went bad, investors forced him into bankruptcy two years ago.
Creditors claimed he owed nearly $525 million and a court-appointed bankruptcy trustee accused Namvar of using investor money for personal expenses.