WESTWOOD—The U.S. Department of Justice in Los Angeles filed a suit to recover more than $100 million embezzled by Kuwait Ministry of Defense’s former officials, involving the film financier Victorino “Victor” Noval on Friday, July 17.
“The Justice Department has filed seven lawsuits seeking the forfeiture of real estate, a private jet, a yacht and additional assets purchased with public funds allegedly embezzled by former high-level officials in Kuwait’s Ministry of Defense (MOD), part of which were transferred to California bank accounts operated by the son of a convicted felon,” states a press release.
Noval, 58, has produced several movies including “Black Dog, Red Dog” and “The Color of Time” starring James Franco and Mila Kunis. Noval started The Victorino Noval Foundation to support several charities, including children learning and fitness programs.
The embezzlement scheme was reported between 2009 and 2016. MOD officials covered up opening “at least six unauthorized bank accounts and transferred more than $100 million of Kuwaiti public funds from the National Bank of Kuwait” by using the reasoning of military purposes.
California entities received illicit funds allegedly connected to Victorino Noval, formerly known as Victor Jesus Noval. He was convicted back in 2003 for mail fraud and tax evasion involving a multimillion-dollar loan fraud committed against the U.S. Department of Housing and Urban Development.
He was sentenced to 57 months in federal prison with an order to pay more than $25 million in restitution. His assets that were purchased with the fraudulent money will be seized including a parcel of land in Beverly Hills known as “The Mountain,” three homes in Beverly Hills, a penthouse and an apartment in Westwood, a private jet, a yacht, a Lamborghini sports car and approximately $40,000 worth of memorabilia of boxer Manny Pacquiao.