L.A. Ponzi Schemer Indicted

Busted

Updated Apr. 24, 2017 5:46PM EDT / Published Sep. 23, 2010 2:24PM EDT

Another Ponzi schemer? Los Angeles’ Ezri Namvar, an Iranian Jewish immigrant, has been indicted on charges of wire fraud for a scheme that allegedly lost up to $525 million of his clients’ money. Namvar, a former real-estate mogul, ran a company that hid his clients’ real-estate proceeds from the IRS. He’s now charged with treating those funds “as his personal family piggy bank,” using the cash to pay for expenses like his brother's wedding and “valuable assets [that] seemingly belong to family members.” Many of the victims come from the Iranian Jewish community in Los Angeles.

Read it at The Los Angeles Times

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L.A. Ponzi Schemer Indicted