Real Estate Mogul Convicted Of Stealing $21M In Tax Shelter Scheme

LOS ANGELES (AP) — 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.

Instead, prosecutors said the money was used to pay creditors and investors in another Namvar company.

His attorney, Marc Harris, has said that his client was innocent.

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