LOS ANGELES (AP) — A Los Angeles company that built more than 50 low-income housing projects in California is under federal investigation into claims that it bilked taxpayers out of millions and built potentially unsafe apartments.
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A court-appointed receiver for Advanced Development and Investment Inc. reported that the company submitted phony bills to cities, failed to keep proper records on more than $650 million and transferred up to $80 million to personal bank accounts.READ MORE: 'That Was The Worst Thing Imaginable' Shares Vanessa Bryant On Deaths Of Kobe, Daughter Gianna
The Los Angeles Times says the report was turned over to the U.S. attorney’s office and the company is under investigation by a federal grand jury and various agencies.
A call to the receiver, David Pasternak, on Wednesday was not immediately returned.MORE NEWS: Man In His 20s Dies Hours After Being Shot In Long Beach; Motive Unknown
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