Monday, August 6, 2012

Businessman Pleads Guilty To Embezzling $1 Million From Insurance Payments For Nevada Fire Victims

Massoud Aaron Yashouafar, believed to be 51, of Beverly Hills, California, has pleaded guilty to embezzling about $1 million in insurance money intended for repairs of senior residential condominium complex known as Paradise Spa in Las Vegas, Nevada.  Yahouafar, who was originally indicted last December on three counts of theft of property by false pretenses and three counts of embezzlement, faces up to 10 years in prison.  Yashouafar, who lists himself as President of Millbank Real Estate Services in Los Angeles, California, is the owner of Oklahoma City's First National Center, a troubled landmark property.  Yahouafar has reportedly been embroiled in a series of finanicial problems facing the center, including bankruptcy, foreclosures and other controversies. 

Read the story here and here.

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