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.

Newport Beach Homes Named Most Pricey In US: Realtor Gigi Thomas Talks To KNX 1070’s Ron Kilgore

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.

Comments (2)
  1. FFL says:

    Namvar was “an innocent victim of the economic downturn.” Somehow I don’t think this was the case. Scam artists abound in an economic downturn

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS Los Angeles

Weather Team
Goldstein Tipline

Watch & Listen LIVE