Property Investor Ezri Namvar Convicted on Fraud Charges



Ezri Namvar, the well known LA-based real estate investor, was yesterday convicted by a federal jury of wire fraud charges alleging that he stole almost $21 million from clients who had invested with him.

Ezri Namvar found guilty of wire fraud

Property investor Ezri Namvar in happier days. Courtesy of Peoplevsnamvars.com

The former owner of the Marriott Hotel in LA was found guilty on four investment fraud charges that relate to his Namco Financial Exchange Corp. firm, which was responsible for holding client’s real estate sales proceeds.

Companies such as his are normally used as a shelter for such proceeds, allowing investors to avoid capital gains taxes until they decide where to reinvest the money.

 

convicted Namvar is famous for once owning the LA Marriott Hot

Namvar is a former owner of the Marriott Hotel in LA. Courtesy of Best Tourism

Namvar, according to the prosecution, diverted the funds of four of his clients without their knowledge or permission.

The 59-year old will be sentenced in August. He could face up to 80 years in prison if he gets the maximum.

Namvar’s assistant Hamid Tabatabai was also convicted by jurors on the same charges, and will be sentenced at the same time as his boss.

 

Millions of dollars from clients funds were moved from Namvar's Namco Financial Exchange Corp., company

Namvar moved millions from his client's funds. Courtesy of The Refining Project

Namvar was said to be “very disappointed” by the verdict, according to his attorney Marc Harris, and would definitely appeal. Harris had attempted to motion a mistrial because he was unable to present evidence that Namvar had intended to repay the investors through the sale of other properties.

“We feel wronged that we were not allowed to present critical information to the jurors, and we believe that prosecutors took full advantage of that,” Harris complained.

“My client is extremely disappointed, but ultimately he believes he will be vindicated.”

 

Namvar will be sentenced in August and faces a maximum 80 year sentence

Namvar faces a maximum sentence of 80 years. Courtesy of BG Entreprenuer

Meanwhile attorney A. David Youssefyeh, who represented some of the victims in the case, said that his clients were “delighted” with the jury’s decision.

“For anyone who knows how Mr. Namvar does business, this verdict doesn’t come as a surprise. Everybody knew he was crooked,” said Youssefyeh.

“In light of the magnitude of his crimes, we hope he is given the maximum sentence.”

 

About Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

Comments

  1. I lost couple of million dollars with this guy, personally I do not think he was at fault. I used to be with them all the time. I think bad economy has destroyed them. Iam sure he has done mistake but if he would have given time, he would try to repair. I do not get it Y the put this white crimes on jail. I think it is all business. He could have gotten home arrest and work from home to pay all of us back. Now he is seating in federal prision which is not a prison and not owing any one of us. Tx for the stupid guy who filled bankruptcy..

  2. honestman says:

    This guy should be given the death sentence for stealing old peoples money. Shame on Namvar family!

  3. First of all, the guy is not going to get 80, similar convictions have led to around 10 if not less. I also cannot understand why our judicial system insists on putting white collar thieves away. There is no way any of these creditors are going to see a dime of the civil suit brought against him while he is in prison, make him keep working but only getting to take home a percentage of his earnings while the rest goes to paying back the creditors plus interest. Our government is broke and yet they insist on adding these non violent offenders to their ever increasing expenses instead of having them pay taxes and pay back those they stole from.

  4. Big Boss says:

    Nice to see this greedy crook get 80 yrs in jail, this scumbag was responsible for showing off his stolen wealth and rubbing it the communitys face. Driving around with his Rolls Royce, buying million dollar diamonds for his money hungry wife, and his crook children showing off to their friends in school. This guy deserves to serve the entire 80 years and his brothers also need to go to jail.

    well deserved scumbag Namvar!

    • Mike Wheatley says:

      Another happy customer!

    • As far as what i have seen through out the years Mr Namvar and his family are very honest, philanthropic, giving, and kind people. It’s not their fault that Lehman Brothers and the U.S. economy collapsed which eventually forced their company into bankruptcy. From what i’ve seen, this guilty judgement was totally biased because the judge never gave the attorney of the defendant any chance to show any proof whatsoever. The judge had already set up his mind of a guilty verdict by the jury before the trial ever started! It’s like “Don’t confuse me with any facts, i’ve already made up my mind.”

  5. Dora Sher says:

    I do not condon Namvar’s behaviour, but I must ask what happened to the concept of the punishment fitting the crime? A sentence of up to 80 years for white collar crime while rapists, pedophiles and murderers serve minimum sentences?

    • Mike Wheatley says:

      Yeah I do agree, that would seem excessive in comparison to what some violent criminals get. I guess it just goes to show how important money is to certain people running this country…