Ezri Namvar Sentenced To Prison
By Krystle Hudson
Oct 25, 2011 - 11:11:32 AM
BRENTWOOD— Ezri Namvar, a 59-year-old prestigious Los Angeles businessman as well as a real estate developer from Brentwood, was sentenced to seven years in federal prison for stealing $21 million from four of his clients.
Namvar was ordered to pay $21 million in restitution costs by United States District Judge Percy Anderson. Namvar was found guilty by a federal jury of four wire fraud charges, according to reports.
Another man was also found guilty of fraud for the same four wire fraud charges. Hamid Tabatabal, a 63-year-old Agoura Hills resident, was Namvar's business partner. He was sentenced to prison for 21 months.
According to reports, the evidence that was shown at the trial states how four victims entered into agreements to have approximately $25 million deposited with Mr. Namvar's company, Financial Exchange Corporation (NFE).
The plan, based off the evidence, involved money that belonged to the clients being held in safe keeps so that they could have access to it when they desired.
Instead of keeping the money as Namvar agreed to, he and Tabatabal misused their client's money to pay off creditors and investors of Namvar's investment company, Namco Capital Group.
The four clients that made agreements with Namvar in 2008 had their money wired to NFE bank accounts in 2009. As the company was forced into bankruptcy, the four clients had only $4 million returned to them while the rest of their money was spent to pay liabilities and expenses of the company.
Prosecutors had a lot to say on behalf of Namvar's wrongdoings. "Mr. Namvar was the leader of a massive scheme of defraud one that took in approximately $25 million under false pretenses from the unwitting victims and caused real and severe harm," said prosecutors on Namvar's sentencing.
"For example as a result of this offense, one of the victims' hard-earned retirement and ability to take care of their handicapped daughter has been ruined," said prosecutors.
The parent of the handicapped daughter wanted a severe punishment for Namvar. Due to their losses, they can no longer pay for their daughter's physical therapy while Namvar's children are in private school.
The case is currently being handled by the Federal Bureau of Investigation.
© Copyright 2011 by canyon-news.com