Trustees Criticize Namvar Conduct
A report by the trustees handling the bankruptcies of Ezri Namvar and his investment company portrays the Brentwood businessman as running a slipshod operation that acquired hundreds of millions of dollars of property with little or no due diligence while treating investors’ money as his “personal family piggy bank.”
Even as the portfolio of Namvar and his Namco Capital Group Inc. became increasingly complex and grew to billions of dollars, the report notes that accounting was done with QuickBooks, software designed for small businesses – and he often mixed investors’ money with that of his family.
What’s more, Namvar – whose experience lay in hard-money lending – had a habit of taking little advice and “jealously guarded all decision making.” The trustees said that “incredibly” they couldn’t find a single market or feasibility study on a property acquisition. Instead Namvar was swayed by “brokers or finders with a vested interest” in selling properties.
The result was that Namvar made unwise residential and commercial property investments, loaded up on debt and overleveraged properties to buy even more real estate – causing his enterprise t
Fraud Lawsuits Accumulating Against Namvar
Bankrupt businessman Ezri Namvar is being accused of running a Ponzi scheme and stealing money to prop up his failing ventures, according to lawsuits filed in state court and U.S. Bankruptcy Court.
Namvar and his Namco Financial Exchange Corp. are facing at least five Los Angeles Superior Court lawsuits and one bankruptcy lawsuit that allege the Brentwood resident stole money that was meant to be held in what essentially are real estate escrow accounts. Several of Namvar&#;s relatives, including his brothers and father, are named as defendants in three of the suits.
In his first public comments about his business failures and the lawsuits he faces, Namvar told the Business Journal: &#;There are two sides to every story. One day the truth will come out.&#;
He declined further comment, as did his attorney.
The initial fraud lawsuit was filed in November in state court, but since late January at least five similar suits have been filed by three additional plaintiffs.
The accusations in the fraud complaints are more serious than the roughly two dozen other state court lawsuits filed by creditors of Namvar and his main investment compa
Sandpoint Center investor distances self from family financial misdeeds
By Cameron Rasmusson
Reader Staff
In the wake of Sandpoint Equities’ purchase of the Sandpoint Center from Columbia Bank, a California businessman is grappling with family history.
Hooshang Namvar, who goes by Sean Namvar, is the manager of Sandpoint Equities, the new owner of the Sandpoint Center following an Aug. 11 sale facilitated by Charthouse Group Holdings Ltd. The largest building in Sandpoint, the Sandpoint Center houses several businesses — including Columbia Bank’s Sandpoint branch — and is a longtime meeting place for local nonprofits.
The Sandpoint Center in the former Panhandle State Bank building. Photo by Ben Olson.
Following the sale, local residents, some of them angry about Sandpoint Equities’ new policy charging local nonprofits for the use of the community meeting room, raised questions about Namvar’s family background, specifically his connection to his brother, Ezri Namvar.
Labeled by media outlets as “the Bernie Madoff of Beverly Hills,” Ezri Namvar was found guilty in of defrauding four investors of about $20 million. However, according to the Los Angeles Business Review
Los Angeles County’s biggest office sale of the year is finally moving forward after being held up for months by the bankruptcies of businessman Ezri Namvar and his real estate company. Last week, a U.S. Bankruptcy Court judge approved the $ million sale of Wilshire Bundy Plaza, a ,square-foot West L.A. building, to Douglas Emmett Inc. The deal is expected to close in about a month. The sale of the Wilshire Blvd. building to the Santa Monica real estate investment trust would be the biggest since MPG Office Trust Inc. sold its Lantana entertainment campus in Santa Monica last year for about $ million. “Basically, the judge ruled that the Namvar estate had the ability to sell the building,” said Bradley Sharp, the bankruptcy trustee for Namvar’s real estate company, Namco Capital Group Inc. “I think it was a very good price, and I think it is a good time to sell the building.” The sale of Wilshire Bundy took longer than many expected. Douglas Emmett emerged victorious at a May 11 auction conducted by the trustees, but Judge Barry Russell the next day denied the trustees’ request for approval. The sale was opposed by many creditors of Namco
Dil raju biography of christopher Discover everything you need to know about "Dil Raju"—age, biography, net worth, relationships, family, parents, birthday, spouse, height, songs, movies, and more! Stay updated with the Missing: christopher. Mitika sharma biography of barack obama From riveting biographies to texts covering his presidency, we bring you a definitive guide to the best books on Barack g: mitika sharma. Biography of michael jackson education qualification Michael Joseph Jackson (August 29, – June 25, ) was an American singer, songwriter, dancer, and philanthropist. Dubbed the "King of Pop", he is regarded as one of the most significant figures of the 20th century. Over a four-decade career, his world record music achievements broke racial barriers in America See more. Biografia de carlos cuauhtemoc sanchez yahoo Biografía de Carlos Cuauhtémoc Sánchez. Autor mexicano, Carlos Cuauthemoc Sánchez es ingeniero industrial en la rama de Alta Dirección de Empresas, además de catedrático en . Agatha christie disappearance 1926 On the evening of Friday 3 December , Agatha Christie left her home in Sunningdale, Berkshire, got into her car and disappeared into the night. Her disappearance . Jay cutler net worth football Explore Jay Cutler net worth in , his NFL career, contracts, and post-retirement ventures. in the media and business world. Mukti mohan biography of martin garrix Youth Mukti was born in Mumbai, India on 21 June She is 32 years old as of about Brijmohan Sharma and Kusum Mohan are her parents. Mukti has an Asian Missing: martin garrix.
Judge Clears Way For Namvar Sale
Biographies you may also like