LA Real Estate Tycoon Indicted For Alleged $20M Fraud

Law360, New York (September 23, 2010, 4:12 PM EDT) -- A Los Angeles real estate tycoon who’s seen both his companies go bankrupt in the past 18 months has been indicted on charges that he stole more than $20 million of client money from one company to pay off the debts of the other.

Ezri Namvar was charged with five counts of wire fraud Tuesday for allegedly stealing about $23 million from five clients of his business Namco Financial Exchange Corp, according to the grand jury indictment handed down in the U.S. District Court for the...
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