Homayoon Daneshvar, a 63-year-old resident of Washington, D.C., has been sentenced to 18 months in prison for his role in a $1.9 million real estate investment fraud scheme.
Daneshvar was also ordered to serve three years of supervised release, forfeit $1.945 million, and pay $926,020 in restitution.
According to court documents, Daneshvar lied and made false promises to eight victim investors between April 2009 and January 2013, persuading them to give him approximately $1.9 million.
Daneshvar told the victim investors that the money would be used for bridge financing to purchase foreclosed property that would be "flipped," or quickly resold for profit.
However, in reality, Daneshvar used the money to invest in the stock market, pay "returns" on the investments back to the investors, and to pay for his own personal expenses.
Daneshvar pleaded guilty on October 24, 2016, and was sentenced by Senior U.S. District Judge Claude M. Hilton.
The case was prosecuted by Assistant U.S. Attorney Grace L. Hill, and announced by Dana J. Boente, U.S. Attorney for the Eastern District of Virginia, and Andrew W. Vale, Assistant Director in Charge of the FBI’s Washington Field Office.
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Key Facts
- State: Virginia
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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