Washington, D.C., resident Homayoon Daneshvar, 63, has pleaded guilty to charges related to a $1.9 million investment fraud scheme that spanned from April 2009 to January 2013.
Daneshvar, according to the statement of facts, deceived eight investors into parting with approximately $1.9 million by lying and making false promises about the use of their funds. He claimed the money would be used for bridge financing to purchase foreclosed properties that would be quickly resold for profit, promising monthly returns on their investments.
However, in reality, Daneshvar used the funds to invest in the stock market, pay back ‘returns’ to investors, and cover his personal expenses. His scheme came crashing down when the truth of his actions was uncovered.
Scheduled for sentencing on February 10, 2017, Daneshvar faces a maximum penalty of 20 years in prison for wire fraud. The sentence will be determined by the court based on the advisory Sentencing Guidelines and other statutory factors.
The investigation and prosecution were led by Dana J. Boente, U.S. Attorney for the Eastern District of Virginia, and Paul M. Abbate, Assistant Director in Charge of the FBI’s Washington Field Office. Assistant U.S. Attorney Grace L. Hill is handling the case.
For more information, visit the website of the U.S. Attorney’s Office for the Eastern District of Virginia or search Case No. 1:16-cr-231 on PACER.
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Key Facts
- State: Virginia
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Public Corruption
- Source: Official Source ↗
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