From the Las Vegas Sun: A Clark County grand jury indicted a 50-year-old Beverly Hills, Calif., man for his actions in allegedly defrauding the Paradise Spa Home Owners Association in Las Vegas of more than $1 million, Nevada Attorney General Catherine Cortez Masto said Monday.
Massoud Aaron Yashouafar was indicted Friday on three counts of theft of property by false pretenses and three counts of embezzlement, officials said. He’s scheduled to appear Jan. 4 before District Court Judge Carolyn Ellsworth.
Officials allege Yashouafar collected two insurance checks — one for more than $400,000 and another for more than $430,000 — for two fires that occurred Sept. 18, 2009, and Jan. 15, 2010, at Paradise Spa condominiums, where he served as treasurer for the HOA board of directors.
The checks were to be used for building repairs, but Yashouafar allegedly deposited the money in an out-of-state bank account for which he was the sole signator, officials said.
Numerous condo owners, meanwhile, had to find other living arrangements while still making mortgage payments on their damaged, uninhabitable units, officials said. Many of the condo owners in Paradise Spa are senior citizens.
Yashouafar rented units he owned to some of the displaced condo owners, collecting rent while the owners waited for repairs that never happened, officials said.
Yashouafar allegedly wired more than $250,000 from a Paradise Spa operating account in September 2009 to pay for various personal projects, officials said. http://www.lasvegassun.com/news/2011/dec/19/man-accused-defrauding-hoa-more/
I am glad the Nevada AG's office is finally starting to prosecute thugs who have illegally benefitted from the housing boom and then bust in Nevada. They are a johnny come lately, but at least they are starting to come to the party.
This thug was collecting rent from people who were also paying mortage payments when the insurance should have taken care of this.
Of course, the question is why it took almost 2 years to figure out was going on?
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EMBEZZLER FRANK PERAU - LAKESIDE PLAZA CONDOMINUM ASSOCIATION (RENO, NEVADA)
ReplyDeleteFrank Perau's embezzlement caused countless illegal foreclosures.
FBI, DOJ, Reno Police, Washoe County swept it under the rug.
See RENO POLICE REPORT # 08-31672, WASHOE COUNTY DISTRICT ATTORNEY CASE #406537
HOMEBUYERS - STAY FAR AWAY FROM NEVADA HOAs!
ReplyDeleteBUYERS BEWARE OF NEVADA HOMEOWNERS ASSOCIATIONS!!!
ReplyDeleteMILLIONS OF DOLLARS Embezzlement & Fraudulent Foreclosures: LAKESIDE PLAZA CONDOMINIUM (CONNED-O) ASSOCIATION, RENO, NEVADA needs to be investigated by the FBI, IRS for EMBEZZLEMENT, ILLEGAL FORECLOSURES and CONSPIRACY TO COMMIT TAX FRAUD. Washoe County District Attorney Case # 406537; Reno Police Department Case # 08-031672
Lakeside Plaza was managed by EUGENE BURGER MANAGEMENT CORPORATION (EBMC) at the time of the embezzlement. EBMC AIDED & ABETTED the scheme to refuse financials to homeowners.
Former HOA Board President, Frank Perau embezzled and fraudulently foreclosed – causing millions of dollars in damages.
Former HOA Board President, Frank Perau with advice (and court testimony) from HOA attorney, GAYLE A. KERN, ESQ. retaliated with restraining orders against homeowners that suspected embezzlement. One disabled homeowner was arrested in retaliation for whistle-blowing on Perau’s embezzlement/tax fraud/foreclosure scheme.
Still no one behind bars and many homes, retirements and liberties stolen (through false arrest & restraining orders of HOA whistle-blowers) due to this fraud! Washoe County District Attorney Case # 406537; Reno Police Department Case # 08-031672
BUYERS BEWARE OF NEVADA HOMEOWNERS ASSOCIATIONS!!!