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nbaca@8newsnow.com)" <nbaca@8newsnow.com>, "News Bloomberg (
legalteam@bloomberg.net)" <legalteam@bloomberg.net>, "News KDWN (
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patrick.mcdonnell@lasvegassun.com)" <patrick.mcdonnell@lasvegassun.com>,
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4news@krnv.com)" <4news@krnv.com>, "TV NEWSROOM KOLO (news@kolotv.com)" <
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Law Blog (Lawblog@wsj.com)" <Lawblog@wsj.com>
UPDATE NOVEMBER 14, 2012- Aaron Yashouafar Sentencing
The Formal Sentencing for Aaron Yashouafar will take place here in Las Vegas in less than One Hour. We are here and will post the outcome as soon as we are able to get the information out. Our friend and reporter in Oklahoma, Steve Lackmeyer posted this last night.
====
THE SENTENCING IN THIS CASE WAS RESCHEDULED TO JANUARY 16, 2013 BASED UPON THE REASONING THAT THERE WERE TWO CASES AGAINST YASHOUAFAR, ONE CRIMINAL (CASE C-11-278252-1) AND ONE CIVIL. HE NEEDED MORE TIME TO PROVE HE PAID... HEY OKLAHOMA... DOES THIS SOUND FAMILIAR?
====
The Village Voice called Aaron Yashouafar one of New York City's “ten worst slumlords.” Tenants staged a revolt against Yashouafar in an upscale high-rise condominium he developed in Las Vegas.
Aaron Yashouafar
MULTIMEDIA
In Oklahoma City, he's viewed with suspicion after city officials discovered what they believed to be fraudulently submitted check copies for reimbursement. And coast to coast, the man best known locally as the owner of First National Center has a history of bankruptcies and foreclosures.
But as Yashouafar faces sentencing on a self-admitted fraud charge over his handling of insurance proceeds for fire-damaged condominiums in Las Vegas, friends and acquaintances have submitted letters to Clark County Judge Carolyn Ellsworth asking for leniency and providing a sharply different portrayal.
In a letter by his bankruptcy attorney David Neale, Yashouafar is portrayed as a businessman honestly striving to arrange successful resolutions to bankruptcies involving Figueroa Tower in Los Angeles and First National Center in Oklahoma City.
The Oct. 30 letter by Neale suggests that despite the payoff of $12 million to Capmark Group that prevented the Oklahoma City landmark from being turned over to a receiver, the property's refinancing is still in question.
“We are trying to refinance the property located in Oklahoma City, and Yashouafar has been integral to those efforts,” Neale wrote. “There are other owners of that project whose financial interests will be placed at risk if Yashouafar is unable to arrange the refinancing necessary for that property.”
Almost all of the character references were written by individuals who are working with or once worked for Yashouafar.
Bea Goodwin Aikens, who once worked as a sales agent at the 45-story Sky Condominiums where Yashouafar faced a tenant protest, wrote that Yashouafar is “a man of integrity and a man of his word.”
“The claims are not reflective of Mr. Yashouafar's moral beliefs and his conduct in this case are not reflective of the kind and ethical man I have come to know over the past eight years,” Aikens wrote.
Another letter, by Yashouafar's attorney H. Joseph Nourmand, speaks of the 20 years they both attended the same synagogue. Nourmand described Yashouafar as “an honest, selfless, caring, generous, humble and kind soul.”
Holly Fathi, controller of Yashouafar's company, Milbank Realty Group, wrote pleading that incarceration will jeopardize his ongoing contributions to charitable organizations and the livelihood of his employees.
“At this time, there are a number of ongoing matters which demands daily and constant involvement of Mr. Yashouafar,” Fathi wrote. “These matters, if not handled properly, will have a devastating effect on many of the investors who have their life savings invested with Mr. Yashouafar.”
Bill O'Donnell is hoping Judge Ellsworth will ignore the character references.
As a resident of the Paradise Spa condominiums in Las Vegas, O'Donnell witnessed a series of fires that left residents homeless. The Nevada attorney general accused Yashouafar of diverting about $1 million of insurance proceeds, which led Yashouafar to enter a guilty plea for embezzlement.
In the latest court filings asking for leniency, Yashouafar's rabbi, David Shofet, noted Yashouafar is in mourning over the recent loss of his mother and is observing twice daily religious services in accordance with the Jewish faith.
O'Donnell wants Ellsworth to ponder what role Yashouafar's faith and integrity played in leaving an 84-year-old Paradise Spa resident, Iris Hokanson, without her home while he diverted the insurance proceeds for her condominium.
“I find it hypocritical he would be praying for his mother at the same time he's putting somebody else's mother out on the streets,” O'Donnell said. “Iris Hokanson to this day has not received any money.”
O'Donnell argues Yashouafar still owes more than $1 million in dues and insurance costs after recently paying $1.2 million in retribution, which has been paid to the condominium complex's receiver but has yet to be distributed to the residents.
Yashouafar did not return calls for comment about O'Donnell's complaints. O'Donnell, meanwhile, questions whether Yashouafar was sincere in his guilty plea.
“They're (friends and acquaintances) portraying this as Mr. Yashouafar being accused of this, and he admitted to it,” O'Donnell said. “It's as if they're trying to dismiss it as he's really not guilty, that he just pled so he wouldn't have this go to trial.”
This will be Aaron Yashouafar's New Nevada Home Effective November 14, 2012
If you are a victim of Aaron Yashouafar, Sky Las Vegas,Paradise Spa, Christine A Gibbs or any Nevada HOA send
us your story in detail and we will publish it for the media as well as the Court for Aaron Yashouafar's Court Sentencing. THIS IS ESSENTIAL. We will post the address of the court, listed below, so you can tell the Honorable Judge how this man has ruined your life. email us a copy at
sentencing@SkyLasVegas.info
YASHOUAFAR PLEADS GUILTY... TIME FOR PRISON AARON..
M. Aaron Yashouafar FINALLY CRIMINALLY INDICTED, Robert Paisola Reports Live UPDATED SEPTEMBER 17, 2012--- SENTENCING NOW SET FOR 11/14/2012 at 9:00 AM
UPDATE- M. Aaron Yashouafar Pleads GUILTY, SENTENCING SET FOR NOVEMBER 14, 2012 at 9:00 AM. We will be there. We will also be posting a full and complete copy of the Probation report for your review.
(Note- This is JUST FOR THE CRIMES IN NEVADA NOT INCLUDING THE CRIMES AT SKY LAS VEGAS...)
MAY 2012 COURT UPDATE
Charges: Yashouafar, Massoud AaronStatuteLevelDate1. EMBEZZLEMENT205.300Felony03/09/20102.
EMBEZZLEMENT205.300Felony02/04/20103.
THEFT (FELONY)205.0832Felony04/21/20104.
EMBEZZLEMENT205.300Felony05/03/20105.
THEFT (FELONY)205.0832Felony09/09/20106.
EMBEZZLEMENT205.300Felony03/09/2010
IND
CATHERINE CORTEZ MASTO
2 Attorney General
ROBERT G .. GIUNTA
3 Senior Deputy Attorney General
Nevada Bar No. 001229
4 555 E. Washington Avenue, #3900
Las Vegas, NV 89101
5 P: (702)486-3199
F: (702) 486-3768
6 Email: rguinta@ag .. nv.gov
Attorneys for Plaintiff, State of Nevada
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DISTRICT COURT
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STATE OF NEVADA,
Plaintiff,
vs.
CLARK COUNTY, NEVADA
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CASE NO .. : C-11-278252-1
DEPT. NO.: V
MASSOUD AARON YASHOUAFAR, )
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14 DEFENDANT.. )
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GUILTY PLEA AGREEME~T
COMES NOW, THE STATE OF NEVADA, by CATHERINE CORTEZ MASTO, Attorney
General, and ROBERT G . GIUNTA, Senior Deputy Attorney General, Bureau of Criminal
Justice, and MASSOUD AARON YASHOUAFAR, with his attorney DAVID CHESNOFF, Esq.,
of the law firm of CHESNOFF & SCHONFELD and files this Guilty Plea Agreement.
I, MASSOUD AARON YASHOUAFAR, agree to plead guilty to one (1) Count of
EMBEZZLEMENT, a felony in violation of NRS 205.300; within Las Vegas Township, Clark
County, State of Nevada; as more fully alleged in the Amended Criminal Indictment, attached
hereto as Exhibit "1", and incorporated by reference.
My decision to plead guilty is based upon the following plea agreement:
1. That I, MASSOUD AARON YASHOUAFAR, agree to plead guilty to one (1)
Count of EMBEZZLEMENT, a B felony in violation of NRS 205.300 ..
2. That I, MASSOUD AARON YASHOUAFAR, agree to pay full restitution in the
1
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1 amount of One Million Dollars ($1,000,000.00) to the charged victim in this matter, PARADISE
2 SPA OWNER'S ASSOCIATION. I will pay the amount of this restitution in the following
3 fashion, Five hundred thousand dollars ($500,000 .. 00) prior to my sentencing date, Two
4 hundred fifty thousand ($250,000 .. 00) within ninety (90) days following my sentencing date and
5 an additional Two Hundred Fifty Thousand Dollars ($250,000 .. 00) one hundred eighty (180)
6 days after my sentencing date. Any money paid by DEFENDANT YOUSHAFAR on behalf of
7 PARADISE SPA OWNERS ASSOCIATION will be credited toward this restitution and will be
8 subject to an accounting. It is understood by the parties that no property rights are
9 adjudicated pursuant to this plea agreement.
10 3. That I, MASSOUD AARON YASHOUAFAR, will agree to bring the assessments,
11 exclusive of penalties and interest, which are presently due on the condominiums located
12 within Paradise Spa Owner's Association which I currently own either in my own name or
13 which are owned by any entity in which I have an interest or any units in which I may obtain
14 any interest in the next sixty (60) months, including, but not limited to, the units listed in Exhibit
15 2, attached hereto. Further, I, MASSOUD AARON YASHOUAFAR, will keep the assessments
16 on units which I own, other than those units which have been foreclosed upon or sold, current
17 for the duration of the time that I am on probation, if I am granted probation in this matter, but
18 at a minimum will be responsible for keeping these assessments current for Sixty (60) months.
19 Failure to keep these assessments current will be considered a violation of the terms of my
20 probation, if I am granted probation.
21 4. That if I MASSOUD AARON YASHOUAFAR am able to make full restitution to the
22 victim, PARADISE SPA OWNERS ASSOCIATION, and successfully complete probation,
23 assuming that I am granted probation in this matter, then I may request and the prosecution
24 shall file an Amended Criminal Information charging me with ATTEMPTED THEFT, a gross
25 misdemeanor violation of NRS 205.0832 and NRS 193.330. The State will then, upon
26 approval of the court, allow Defendant to withdraw his plea to the instant charge and enter a
27 plea of guilty to the gross misdemeanor.
28
2
1 5. THAT I, MASSOUD AARON YASHOUAFAR, WILL PAY ALL FEES AND
2 COSTS IMPOSED BY THE COURT.
3 6. The parties agree that pursuant to this plea agreement, that the defendant,
4 MASSOUD AARON YASHOUAFAR, be sentenced to a period of probation not to exceed
5 sixty (60) months and that the first 30 days of probation, should the defendant be granted
6 probation, will be served in custody. The state retains the right to argue for incarceration in
7 the Clark County Detention Center for that initial thirty day period and the defendant and his
8 attorneys are free to argue that the initial thirty days of his sentence may be served under
9 house arrest. the state retains the right to present victim statements pursuant to NRS
10 176.015(3); the parties agree that should the court fail to follow the provisions set forth in this
11 plea agreement, that the defendant, MASSOUD AARON YOUSHAFAR, will be permitted to
12 withdraw his plea of guilty and to proceed to trial on the original charges as set forth in the
13 criminal indictment..
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7. That I, MASSOUD AARON YASHOUAFAR, agree to waive any defects or
infirmities as to the form of this Amended Criminal Indictment. Further, Defendant agrees that
if I fail to appear for any hearings or court dates prior to sentencing or if I commit a new
criminal offense prior to sentencing, the State has the right to argue for any lawful sentence
based on the original indictment charged in this matter.
CONSEqUENCES OF THE PLEA
I, MASSOUD AARON YASHOUAFAR, understand that by pleading guilty, I admit the
facts which support all the elements of the offense to which I now plead as set forth in Exhibit
"1 n,
I, MASSOUD AARON YASHOUAFAR, understand that as a consequence of my plea
of guilty to Count 1 of the Amended Indictment, I may be incarcerated for a period of not less
than one (1) year and not more than ten (10) years and that I may be fined up to $10,000. I
understand that the law requires me to pay an administrative assessment fee of $25.00.
I understand that, if the Court deems appropriate, I will be ordered to make restitution
3
1 to the victims listed in the Criminal I ndictment of the offense to which I am pleading guilty .
2 I understand that I am eligible for probation for the offense to which I am pleading
3 guilty. I further understand that, except as otherwise provided by statute, the question of
4 whether I receive probation is in the discretion of the sentencing judge.
5 I have not been promised or guaranteed any particular sentence by anyone. I know that
6 my sentence is to be determined by the court within the limits prescribed by statute. I
7 understand that if my attorney or the State of Nevada or both recommend any specific
8 punishment to the court, the court is not obligated to accept the recommendation.
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WAIVER OF RIGHTS
By entering my plea of guilty, I, MASSOUD AARON YASHOUAFAR, understand that I
have waived the following rights and privileges:
1. The constitutional privilege against self~incrimination, including the right to refuse
to testify at trial, in which event the prosecution would not be allowed to comment to the jury
about my refusal to testify.
2. The constitutional right to a speedy and public trial by an impartial jury, free of
excessive pretrial publicity prejudicial to the defense, at which trial I would be entitled to the
assistance of an attorney, either appointed or retained. At trial, the state would bear the
burden of proving beyond a reasonable doubt each element of the offense charged.
3. The constitutional right to confront and cross-examine any witnesses who would
testify against me.
4. The constitutional right to subpoena witnesses to testify on my behalf.
5 ..
6.
The constitutional right to testify in my own defense.
The right to appeal the conviction, with the assistance of an attorney, either
appointed or retained, unless the appeal is based upon reasonable constitutional,
jurisdictional or other grounds that challenge the legality of the proceedings and except as
otherwise provided in subsection 3 of NRS 174.035.
VOLUNTARINESS OF PLEA
4
1 I, MASSOUD AARON YASHOUAFAR, have discussed the elements of all the original
2 charges against me with my attorney, David Chesnoff, and I understand the nature of these
3 charges against me,
4 I understand that the State of Nevada would have to prove each element of the
5 charge(s) against me at trial.
6 I have discussed with my attorney any possible defenses and circumstances which
7 might be in my favor.
8 All of the foregoing elements, consequences, rights and waiver of rights have been
9 thoroughly explained to me by my attorney, David Chesnoff, and I believe that pleading guilty
10 and accepting this plea bargain is in my best interest and that a trial would be contrary to my
11 best interest.
12 I am signing this agreement voluntarily, after consultation with my attorney and I am not
13 acting under duress or coercion or by virtue of any promises of leniency, except for those set
14 forth in this agreement.
15 I am not now under the influence of intoxicating liquor, a controlled substance or other
16 drug which would in any manner impair my ability to comprehend or understand this
17 agreement or the proceedings surrounding my entry of this plea.
18 My attorney has answered all questions regarding this guilty plea agreement and its
19 consequences to my satisfaction and I am satisfied with the services provided by my attorney.
20 DATED this2tUay of .J VtJ e~ _ 2012.
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---""'-----
5
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3 VERIFICATION OF COUNSEL
4 I have reviewed this matter and I concur that the disposition delineated above is a true
5 and accurate representation of the negotiations entered into and agreed to by myself on
6 behalf of the State of Nevada with the Defendant, MASSOUD AARON YASHOUAFAR, and
7 his attorney, David Chesnoff.
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Agreed to on this __ day of _____ . __ 2012.
By:
SUBMITTED BY:
CATHERINE CORTEZ MASTO
Attorney General
ROBERT G. GIUNTA
Senior Deputy Attorney General
Nevada Bar No .. 1229
555 E. Washington Avenue, #3900
Las Vegas, NV 89101
702-486-3199
Attorneys for Plaintiff, State of Nevada
6
1
2
3 CERTIFICATE OF DEFENSE COUNSEL
4 I, the undersigned, as the attorney for the Defendant, MASSOUD AARON
5 YASHOUAFAR and as an officer of the court hereby certify that:
6 1. I have fully explained to MASSOUD AARON YASHOUAFAR the allegations in
7 the charges to which the guilty plea is being entered.
8 2. I have advised MASSOUD AARON YASHOUAFAR of the penalties for each
9 charge and the restitution that the Defendant may be ordered to pay.
10 3. All pleas of guilty offered by the Defendant, MASSOUD AARON YASHOUAFAR,
11 pursuant to this agreement are consistent with all the facts known to me and are made with
12 my advice to MASSOUD AARON YASHOUAFAR and are in the best interest of MASSOUD
13 AARON YASHOUAFAR who:
14 (a) Is competent and understands the charges and the consequences of
15 pleading guilty as provided in this agreement.
16
17 voluntarily.
18
(b) Executed this agreement and will enter all guilty pleas pursuant hereto
(c) Was not under the influence of intoxicating liquor, a controlled substance
19 or other drug at the time of the execution of this agreement.
20 DATED this _ day of ______ .' ___ , 2012.
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David Chesnoff, Esq.
CHESNOFF & SCHONFELD
520 S 4th Street
Las Vegas, NV 89101-6520
7
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THE GRAND JURY MINUTES
| | Grand Jury Indictment (11:45 AM) (Judicial Officer Bell, Linda Marie) |
Register of Actions
Case No. C-11-278252-1
| State of Nevada vs Massoud Yashouafar | §
§
§
§
§
§
§ |
| Felony/Gross Misdemeanor |
| 12/16/2011 |
| Department 5 |
| C278252 |
| 11BGJ013 |
|
|
Party Information
|
| | David Zeltner Chesnoff
Retained
7023845563(W) |
|
|
| | Catherine M Cortez
702-486-3420(W) |
|
Charge Information
|
| 1. | EMBEZZLEMENT | | 205.300 | Felony | 03/09/2010 |
| 2. | EMBEZZLEMENT | | 205.300 | Felony | 02/04/2010 |
| 3. | THEFT (FELONY) | | 205.0832 | Felony | 04/21/2010 |
| 4. | EMBEZZLEMENT | | 205.300 | Felony | 05/03/2010 |
| 5. | THEFT (FELONY) | | 205.0832 | Felony | 09/09/2010 |
| 6. | EMBEZZLEMENT | | 205.300 | Felony | 03/09/2010 |
Events & Orders of the Court
| | Grand Jury Indictment (11:45 AM) (Judicial Officer Bell, Linda Marie) |
| | |
| | |
|
|
| - | Ravi Bawa, DDA, and Robert Giunta, DAG, present for the State of Nevada. Frank Bianca, Grand Jury Foreperson, stated to the Court that at least twelve members had concurred in the return of the true bill during deliberation, but had been excused for presentation to the Court. State presented Grand Jury Case Number 11BGJ013X to the Court. COURT ORDERED, the Indictment may be filed and is assigned Case Number C278252-1, Department 5. Mr. Giunta requested a summons be issued and sent to Deft. Yashouafar in care of his attorney David Chesnoff and advised he has been in contact with counsel. COURT SO ORDERED. Matter set for arraignment. Exhibit(s) 1-12 lodged with Clerk of District Court. SUMMONS (NIC) 1-4-12 9:00 AM INITIAL ARRAIGNMENT (DEPT. 5) |
|
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| - | STATUS CHECK: NEGOTIATIONS Deft. present at liberty. Mr. Shonfeld advised they worked out Deft's custody status, and noted they are in the process of determining restitution to negotiate this matter and requested this be continued 45 days. Further, that he would have 21 days from next hearing date to file writ if matter is not negotiated. COURT ORDERED, it will not continue matter, Deft. has 21 days from today to file writ, trial date STANDS. SUMMONS (NIC)
|
|
| - | Court noted the transcripts have not been read yet, but the briefs were read. Court further noted that the issue is whether there is enough admissible evidence or not, and expressed concerns regarding the Indictment. Colloquy regarding Pleading. Court noted counsel needs to decided if the Pleading will be amended, and ORDERED, matter SET for Argument; the Court will read the transcripts and the Deft's presence will be WAIVED. SUMMONS (NIC) 3/19/12 9:00 am ARGUMENT: PETITION FOR WRIT OF HABEAS CORPUS/ PETITION FOR WRIT OF HABEAS CORPUS
|
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| - | ENTRY OF PLEA Deft. present at liberty. Amended Indictment FILED IN OPEN COURT. Counsel waived any defects in the form of the Amended Indictment. NEGOTIATIONS are as contained in the Guilty Plea Agreement FILED IN OPEN COURT. DEFT. YASHOUAFAR ARRAIGNED AND PLED GUILTY to EMBEZZLEMENT (F). Court ACCEPTED plea and ORDERED, matter referred to the Division of Parole and Probation (P & P) and set for sentencing. BOND 11/14/12 9 AM SENTENCING |
|
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|
|
|
Register of Actions
Case No. C-11-278252-1
| State of Nevada vs Massoud Yashouafar | §
§
§
§
§
§
§ |
| Felony/Gross Misdemeanor |
| 12/16/2011 |
| Department 5 |
| C278252 |
| 11BGJ013 |
|
|
Party Information
|
| | David Zeltner Chesnoff
Retained
7023845563(W) |
|
|
| | Catherine M Cortez
702-486-3420(W) |
|
Charge Information
|
| 1. | EMBEZZLEMENT | | 205.300 | Felony | 03/09/2010 |
| 2. | EMBEZZLEMENT | | 205.300 | Felony | 02/04/2010 |
| 3. | THEFT (FELONY) | | 205.0832 | Felony | 04/21/2010 |
| 4. | EMBEZZLEMENT | | 205.300 | Felony | 05/03/2010 |
| 5. | THEFT (FELONY) | | 205.0832 | Felony | 09/09/2010 |
| 6. | EMBEZZLEMENT | | 205.300 | Felony | 03/09/2010 |
Events & Orders of the Court
| | | DISPOSITIONS |
|---|
| |
Disposition (Judicial Officer: Ellsworth, Carolyn)
2. EMBEZZLEMENT
Charges Amended/Dropped
3. THEFT (FELONY)
Charges Amended/Dropped
4. EMBEZZLEMENT
Charges Amended/Dropped
5. THEFT (FELONY)
Charges Amended/Dropped
6. EMBEZZLEMENT
Charges Amended/Dropped
|
| | | |
| | | OTHER EVENTS AND HEARINGS |
|---|
| | Indictment |
| | Grand Jury Indictment (11:45 AM) (Judicial Officer Bell, Linda Marie)
Result: Matter Heard |
| | Summons
SUMMONS (INDICTMENT)
|
| | Initial Arraignment (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
Result: Continued |
| | Transcript of Proceedings
Reporter's Transcript of Proceedings - Grand Jury Hearing December 15, 2011
|
| | Receipt for Grand Jury Transcript |
| | Media Request and Order
Media Request and Order for Camera Access to Court Proceedings
|
| | Arraignment Continued (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
Result: Plea Entered |
| | Stipulation and Order
Stipulation and Order for O.R. Release
|
| | Status Check (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
Negotiations
Result: Off Calendar |
| | Petition for Writ of Habeas Corpus
|
| | Receipt of Copy
|
| | Order
Order that Writ of Habeas Corpus Issue
|
| | Writ of Habeas Corpus |
| | Receipt of Copy
|
| | Return
Return to Writ
|
| | Petition for Writ of Habeas Corpus (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
03/12/2012, 03/19/2012
Result: Matter Continued |
| | Argument (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
Petition for Writ of Habeas Corpus
|
| | All Pending Motions (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
3/19/12
Result: Denied |
| | Order Denying
Order Denying Petition For Writ of Habeas Corpus
|
| | Notice of Entry of Order |
| | Guilty Plea Agreement
Guilty Plea Agreement
|
| | Exhibits
Exhibits to Guilty Plea Agreement
|
| | Entry of Plea (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
Result: Plea Entered |
| | Guilty Plea Agreement
Amended Guilty Plea Agreement
|
| | Amended Indictment
Amended Grand Jury Indictment
|
| | CANCELED Calendar Call (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
Vacated - per Judge
|
| | CANCELED Jury Trial (1:30 PM) (Judicial Officer Ellsworth, Carolyn)
Vacated - per Judge
|
| | Sentencing (9:00 AM) (Judicial Officer Ellsworth, Carolyn)
|
Financial Information
|
| | | | | |
| | | | | |
| | |
| | | 102.00 |
| | | 102.00 |
| | | 0.00 |
| | | | | | |
| | | | 11.00 |
| | Receipt # 2011-145685-CCCLK | LEGAL WINGS | (11.00) |
| | | | 10.00 |
| | Receipt # 2012-102584-CCCLK | LEGAL WINGS | (10.00) |
| | | | 34.00 |
| | Receipt # 2012-103200-CCCLK | LEGAL WINGS | (34.00) |
| | | | 47.00 |
| | Receipt # 2012-114207-CCCLK | HALL JAFFE & CLAYTON LLP | (47.00) |
| | | |
| State of Nevada vs Massoud Yashouafar | §
§
§
§
§
§
§ |
| Felony/Gross Misdemeanor |
| 12/16/2011 |
| Department 5 |
| C278252 |
| 11BGJ013 |
|
|
Party Information
|
| | David Zeltner Chesnoff
Retained
7023845563(W) |
|
|
| | Catherine M Cortez
702-486-3420(W) |
|
Charge Information
|
| 1. | EMBEZZLEMENT | | 205.300 | Felony | 03/09/2010 |
| 2. | EMBEZZLEMENT | | 205.300 | Felony | 02/04/2010 |
| 3. | THEFT (FELONY) | | 205.0832 | Felony | 04/21/2010 |
| 4. | EMBEZZLEMENT | | 205.300 | Felony | 05/03/2010 |
| 5. | THEFT (FELONY) | | 205.0832 | Felony | 09/09/2010 |
| 6. | EMBEZZLEMENT | | 205.300 | Felony | 03/09/2010 |
Events & Orders of the Court
| | Entry of Plea (9:00 AM) (Judicial Officer Ellsworth, Carolyn) |
| | |
| | |
|
|
| - | ENTRY OF PLEA Deft. present at liberty. Amended Indictment FILED IN OPEN COURT. Counsel waived any defects in the form of the Amended Indictment. NEGOTIATIONS are as contained in the Guilty Plea Agreement FILED IN OPEN COURT. DEFT. YASHOUAFAR ARRAIGNED AND PLED GUILTY to EMBEZZLEMENT (F). Court ACCEPTED plea and ORDERED, matter referred to the Division of Parole and Probation (P & P) and set for sentencing. BOND 11/14/12 9 AM SENTENCING |
|
|
THE FULL AARON YASHOUAFAR CRIMINAL INDICTMENT (JUST FOR NEVADA)
Las Vegas, NV (KTNV) -- The residents of Paradise Spa have earned a hard-won victory this week. A judge is forcing their landlord to pay up so that they will not be forced out of their home.
Since Action News' story broke in late 2010, Paradise Spa has been raided by law enforcement and the former board treasurer is under indictment for theft and embezzlement.
The Beverly Hills millionaire and real estate mogul Aaron Yashouafar isn't on the board anymore but he still owns most of the units at Paradise Spa.
The problem is that he has not been paying his dues so the homeowner's association hasn't been able to consistently pay the utility bills and residents have often been forced to live without heat and hot water.
A judge has ordered Yashouafar and his partners to post a half-million dollar bond within 10 days and give the HOA $42,000 every month to pay expenses.
The court also noted that the new HOA board will be responsible and will be held accountable.
Massoud Aaron Yashouafar Prison Booking Photo
LAS VEGAS (FOX5) -
A six count indictment was
Monday returned by a Clark County Grand Jury against Massoud Aaron Yashouafar, who is accused of defrauding condo owners.
Yashouafar, 50, of Beverly Hills, California,
is accused of defrauding the Paradise Spa HOA of over $1 million.
Yashouafar served as treasurer of the Paradise Spa Board of Directors
and received two insurance checks, one for over $400,000 and the other
for over $430,000, for property damage to two buildings caused by fires.
Rather than using the money to repair the damage, Yashouafar is accused of depositing the checks in an out-of-state bank.
As a result, several condo owners, many of
them seniors, were forced to make other living arrangements while still
making mortgage payments.
Yashouafar is even accused of renting units he owned to displaced homeowners, making even more money.
"This type of crime is particularly jarring
when you realize that older victims, many of whom were living on fixed
incomes in Paradise Spa, were forced to find and pay for alternative
living quarters when they were still obligated to make mortgage payments
on their burned condo units, while waiting for repairs that would never
be made," said Nevada Attorney General Catherine Cortex Masto.
Yashouafar was indicted on three counts of
theft of property by false pretenses and three counts of embezzlement.
His first court appearance is scheduled for January 4, 2012.
You may read the indictment at http://bit.ly/YashouafarIndictment.
Anyone with information on this case is urged to contact the Attorney General's Office at (702)-486-3132.
Man accused of defrauding HOA of more than $1 million
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.
Indictment Returned In HOA Fraud Scandal
LAS VEGAS (AP) — A Beverly Hills, Calif., businessman faces felony
embezzlement and theft charges accusing him of siphoning more than $1
million out of a Las Vegas-area homeowners association.
Attorney General Catherine Cortez Masto said Monday that 50-year-old
Massoud Aaron Yashouafar is due Jan. 4 in Clark County District Court on
a six-count criminal indictment handed up Friday in Las Vegas.
He could face decades in prison if convicted.
Yashouafar’s lawyer, David Chesnoff, says his client will plead not guilty and answer the allegations at trial.
Masto says that as treasurer of the Paradise Spa Home Owners
Association board, Yashouafar funneled insurance checks for two fires at
the complex to his own accounts.
The AG says condo owners were forced to find other places to live.
Owner of First National Center indicted on charges of theft by false pretense and embezzlement
The legal and financial troubles for the owner of downtown
Oklahoma City's First National Center now include a six-count indictment
of theft by false pretenses and embezzlement in connection with a
senior condominium property.
BY STEVE LACKMEYER slackmeyer@opubco.com
Published: December 21, 2011
The legal and financial troubles for the owner of downtown Oklahoma City's First National Center
now include a six-count indictment charging him with theft by false
pretenses and embezzlement in connection with a senior condominium
property.
M. Aaron Yashouafar
M. Aaron Yashouafar
heads up two partnerships that bought the First National Center in 2006
for $21 million with promises of restoring it to Class A status.
Instead, the property is in bankruptcy and its largest tenant, Devon Energy, has filed suit alleging Yashouafar has failed to maintain the building's elevators. The judge in the bankruptcy case, Niles Jackson, ruled Monday in favor of Devon Energy's request to arrange for inspections of the elevators.
That ruling is overshadowed, however, by the announcement by Nevada Attorney General Catherine Cortez Masto that a Clark County grand jury on Dec. 16 returned a six-count indictment against Yashouafar for the alleged defrauding of $1 million from the Paradise Spa Home Owners Association.
“This
type of crime is particularly jarring when you realize that older
victims, many of whom were living on fixed incomes in Paradise Spa, were
forced to find and pay for alternative living quarters when they were
still obligated to make mortgage payments on their burned condo units,
while waiting for repairs that would never be made,” Masto said in a
news release.
Yashouafar, 50, Beverly Hills, Calif.,
was not available for comment on Tuesday. The indictment alleges the
following: Yashouafar, who served as the treasurer of the Paradise Spa
board of directors, received insurance checks for two fires which
occurred on Sept. 18, 2009, and Jan. 15, 2010.
In his capacity as treasurer of the Homeowners Association he was provided two checks, one for more than $400,000 and the other check for more than $430,000, issued by the Civil Service Employees Insurance Group,
for property damage to two separate buildings caused by fires,
according to the indictment. The insurance checks were issued for
repairs.
The jury determined that rather than repair the
buildings, Yashouafar deposited the checks in an out-of-state bank
account that he controlled. According to several Nevada
news organizations, condo owners, many of them seniors, were forced to
find other living arrangements, while still making mortgage payments on
their uninhabitable units.
The indictment goes on to allege that
in some cases, Yashouafar rented units he owned to the displaced condo
owners, resulting in them paying him rent while they waited for repairs
that were never done because of the alleged theft.
Masto said bank
records show that in September 2009, Yashouafar, in his capacity as
treasurer, wired more than $250,000 from the Paradise Spa operating
account. She said he subsequently deposited that money into an
out-of-state account and disbursed the money into various personal
projects.
Records show the Yashouafars are experiencing
difficulties with properties across the country. The Roosevelt, a
historic building in Los Angeles, was placed in bankruptcy while it was being converted into condominiums.
And more than a dozen properties in the Bronx went into bankruptcy as tenants' complaints prompted The Village Voice to list Yashouafar among New York City's top slumlords.
Bronx housing officials alleged tenants in Yashouafar's properties endured “horrible” living conditions as his company, Milbank Real Estate, overleveraged their buildings.
Yashouafar's partnerships declared bankruptcy after First National Center was foreclosed upon by Capmark
Group. Devon Energy officials estimate they lease about half of the
complex's 1 million square feet of office space. The company's lease is
set to expire in 2013, but Devon's operations will move to its new
headquarters at 333 W Sheridan by mid-2012.
In court testimony earlier this year, Keith Armstrong,
a vice president with Capmark, argued Yashouafar's group won't be able
to keep up with $1.5 million in debt service on the property once
Devon's lease expires.
BusinessWeek - 22 hours ago
By KEN RITTER A Beverly Hills, Calif., businessman who owned property
in a Las Vegas condominium complex once cited as an example of
association dues abuses has been indicted on felony embezzlement and
theft charges accusing him of siphoning more than ...
Insurance News Net (press release) - 2 hours ago
By Steve Lackmeyer, The Oklahoman, Oklahoma City Dec. 21 --The legal
and financial troubles for the owner of downtown Oklahoma City's First
National Center now include a six-count indictment charging him with
theft by false pretenses and embezzlement ...
Housing Wire - 21 hours ago
by KERRI PANCHUK Nevada Attorney General Catherine Cortez Masto said
her office indicted a California man this week for defrauding condo
owners out of $1 million worth of insurance to cover claims from two
fires. The six-count indictment was filed ...
KTNV Las Vegas - Dec 19, 2011
By Jessica Janner Las Vegas, NV (KTNV) -- The landlord of most units at
the Paradise Spa community, Massoud Aaron Yashouafar, faces six class B
felonies; 3 counts of Theft of Property by Flase Pretenses and 3 counts
of Embezzlement. ...
KVVU Las Vegas - Dec 19, 2011
Entertainment News from AP A six count indictment was Monday returned
by a Clark County Grand Jury against Massoud Aaron Yashouafar, who is
accused of defrauding condo owners. Yashouafar, 50, of Beverly Hills,
California, is accused of defrauding the ...
The Nevada View - Dec 19, 2011
Nevada Attorney General Catherine Cortez Masto announced today that on
Dec. 16 a Clark County Grand Jury returned a six count indictment
against Massoud Aaron Yashouafar, 50, of Beverly Hills, Calif., for his
actions in allegedly defrauding the ...
Las Vegas Sun - Dec 19, 2011
By Jackie Valley (contact) 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 ...
KLAS-TV - Dec 19, 2011
By Caroline Bleakley, Online Managing Editor - email LAS VEGAS -- A
Clark County Grand Jury has returned a six-count indictment against a
man for his actions in allegedly defrauding the Paradise Spa Home
Owner's Association of more than $1 million. ...
NewsOK.com - 4 hours ago
The legal and financial troubles for the owner of downtown Oklahoma
City's First National Center now include a six-count indictment of theft
by false pretenses and embezzlement in connection with a senior
condominium property. ...
KVVU Las Vegas - Dec 19, 2011
Entertainment News from AP LAS VEGAS (AP) - Authorities in Nevada say a
Beverly Hills, Calif., businessman faces felony embezzlement and theft
charges accusing him of siphoning more than $1 million out of a Las
Vegas-area homeowners association. ...
Las Vegas Review-Journal - 1 hour ago
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Insurance News Net (press release) - 2 hours ago
M. Aaron Yashouafar
heads up two partnerships that bought the First National Center in 2006
for $21 million with promises of restoring it to Class A status.
Instead, the property is in bankruptcy and its largest tenant, Devon
Energy , has filed suit ...
NewsOK.com - 4 hours ago
M. Aaron Yashouafar
heads up two partnerships that bought the First National Center in 2006
for $21 million with promises of restoring it to Class A status.
Instead, the property is in bankruptcy and its largest tenant, Devon
Energy, has filed suit ...
Housing Wire - 21 hours ago
The six-count indictment was filed against Massoud Aaron Yashouafar,
who lives in Beverly Hills, Calif. Earlier in December, the Nevada and
California attorneys general began a joint investigation designed to
assist homeowners who have been harmed by ...
BusinessWeek - 22 hours ago
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Insurance News Net (press release) - Dec 20, 2011
16 a Clark County Grand Jury returned a six count indictment against Massoud Aaron Yashouafar
, 50, of Beverly Hills, Calif. , for his actions in allegedly
defrauding the Paradise Spa Home Owners Association of over $1 million
dollars . ...
KTNV Las Vegas - Dec 19, 2011
By Jessica Janner Las Vegas, NV (KTNV) -- The landlord of most units at the Paradise Spa community, Massoud Aaron Yashouafar, faces six class B felonies; 3 counts of Theft of Property by Flase Pretenses and 3 counts of Embezzlement. ...
Insurance News Net (press release) - Dec 19, 2011
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
. ...
SignOnSanDiego.com - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
KVVU Las Vegas - Dec 19, 2011
Entertainment News from AP A six count indictment was Monday returned by a Clark County Grand Jury against Massoud Aaron Yashouafar, who is accused of defrauding condo owners. Yashouafar, 50, of Beverly Hills, California, is accused of defrauding the ...
Sacramento Bee - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Modesto Bee - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Ventura County Star - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
GoErie.com - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
The Nevada View - Dec 19, 2011
16 a Clark County Grand Jury returned a six count indictment against Massoud Aaron Yashouafar,
50, of Beverly Hills, Calif., for his actions in allegedly defrauding
the Paradise Spa Home Owners Association of over $1 million dollars. ...
Las Vegas Sun - Dec 19, 2011
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. ...
Daily Comet - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Insurance News Net (press release) - Dec 19, 2011
Massoud Aaron Yashouafar
, 50, is due Jan. 4 before Clark County District Judge Carolyn
Ellsworth on a six-count criminal indictment handed up Friday in Las
Vegas, Nevada state Attorney General Catherine Cortez Masto said Monday.
Yashouafar could face ...
Insurance News Net (press release) - Dec 19, 2011
Massoud Aaron Yashouafar
, 50, is due Jan. 4 before Clark County District Judge Carolyn
Ellsworth on a six-count criminal indictment handed up Friday in Las
Vegas, Nevada state Attorney General Catherine Cortez Masto said Monday.
Yashouafar could face ...
Times-Standard - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Monterey County Herald - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
San Francisco Chronicle - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Las Vegas Sun - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Marin Independent-Journal - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
Contra Costa Times - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
MSN Money - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
San Jose Mercury News - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
KTVN - Dec 19, 2011
Attorney General Catherine Cortez Masto said Monday that 50-year-old Massoud Aaron Yashouafar
(mah-SOOD' Aaron yah-SHEW'-ah-far) is due Jan. 4 in Clark County
District Court on a six-count criminal indictment handed up Friday in
Las Vegas. ...
Las Vegas Sun - Dec 19, 2011
Attorney General Catherine Cortez Masto said Monday that 50-year-old Massoud Aaron Yashouafar
(mah-SOOD' Aaron yah-SHEW'-ah-far) is due Jan. 4 in Clark County
District Court on a six-count criminal indictment handed up Friday in
Las Vegas. ...
KVVU Las Vegas - Dec 19, 2011
Attorney General Catherine Cortez Masto said Monday that 50-year-old Massoud Aaron Yashouafar
(mah-SOOD' Aaron yah-SHEW'-ah-far) is due Jan. 4 in Clark County
District Court on a six-count criminal indictment handed up Friday in
Las Vegas. ...
|
|
|
MyNews3 - Dec 19, 2011
Attorney General Catherine Cortez Masto said Monday that 50-year-old Massoud Aaron Yashouafar
is due Jan. 4 in Clark County District Court on a six-count criminal
indictment handed up Friday in Las Vegas. He could face decades in
prison if convicted. ...
KLAS-TV - Dec 19, 2011
Attorney General Catherine Cortez Masto said Monday that 50-year-old Massoud Aaron Yashouafar
(mah-SOOD' Aaron yah-SHEW'-ah-far) is due Jan. 4 in Clark County
District Court on a six-count criminal indictment handed up Friday in
Las Vegas. ...
The Republic - Dec 19, 2011
Massoud Aaron Yashouafar,
50, is due Jan. 4 before Clark County District Judge Carolyn Ellsworth
on a six-count criminal indictment handed up Friday in Las Vegas, Nevada
state Attorney General Catherine Cortez Masto said Monday. Yashouafar
could face ...
KLAS-TV - Dec 19, 2011
Fifty-year-old Massoud Aaron Yashouafar
of Beverly Hills, California served as the treasurer of the Paradise
Spa Board of Directors. According the Attorney General, Ysahouafar
received two checks totaling more than $800000 from an insurance company
to ...
We Congratulate the State of Nevada and Attorney General Catherine Cortez Masto for staying with us throughout this investigation. This blog has been a two year effort to document the wrongs of this man and .. many more to come.. Just read this blog.
Robert Paisola, CEO, Western Capital
--
Nevada condominium residents fear their money is being diverted to First National Center in Oklahoma City
Victims of insurance embezzlement by First National Center owner Aaron Yashouafar say they have yet to be compensated for their losses and are questioning the source of payments being made to Capmark Bank to prevent the Oklahoma City landmark being turned over to a receiver.
Victims of insurance embezzlement by First National Center owner Aaron Yashouafar say they have yet to be compensated for their losses and are questioning the source of payments being made to Capmark Bank to prevent the Oklahoma City landmark from being turned over to a receiver.
Aaron Yashouafar, CEO, Milbank Real Estate.
MULTIMEDIA
Oklahoma City's First National Center, the pride of the downtown skyline when it opened in 1931, faced having its utilities shut off when its New York-based ownership sold the property in 2006 to investment groups led by Aaron Yashouafar.
The $21 million sale surprised several downtown real estate players who questioned how the price could have shot up from its sale for $5 million in 1999.
Investment groups led by Aaron Yashouafar, chief executive officer of Los Angeles-based Milbank Real Estate, pledged to spend millions to restore the building as Class A office property. Aaron Yashouafar, his brother, Solyman Yashouafar, and nephew, Raymond Yashouafar, courted local leaders and boasted of their track record as successful, award-winning building owners.
“We stand by our word,” Raymond Yashouafar said in a presentation to an exclusive 2006 gathering of civic leaders at the Oklahoma City Golf and Country Club. “We have a good reputation where we've already done work. The previous ownership made a lot of promises and didn't follow through. We don't do that.”
Six years later, the Yashouafars' track record includes being named among New York City's top slumlords by The Village Voice, bankruptcies and foreclosures in California and Oklahoma, and a resident revolt at their Sky Las Vegas condominiums. First National Center, meanwhile, is set to lose about half of its income stream when a lease with Devon Energy expires next year.
Aaron Yashouafar pleaded guilty in July to a felony count of embezzlement of an insurance settlement for fire damages at the Paradise Spa condominiums in Las Vegas.
He first sought to pay $1 million in restitution to Paradise Spa residents over a one-year period. But Clark County, Nevada, Judge Carolyn Ellsworth ruled that the full restitution be paid before the Nov. 14 sentencing. The plea also requires Yashouafar to serve a minimum 30 days incarceration.
In an interview Tuesday, Yashouafar disputed the extent of harm experienced by Paradise Spa residents, saying he owned most of the fire-damaged units and only a couple of residents were displaced. He called an effort by the Paradise Spa homeowners board to publicize their complaints “propaganda” and said they are guilty of sloppy accounting.
“Unfortunately, they have ulterior motives, and you are being played,” Yashouafar said when questioned about the case.
Yashouafar entered the guilty plea after an investigation by Nevada Attorney General Cortez Masto, who claimed Yashouafar defrauded the condominium residents of more than $1 million when he was treasurer of the homeowners association board of directors. Masto accused Yashouafar of collecting two insurance checks, one for more than $400,000, the other for more than $430,000, and depositing them in an out-of-state bank account instead of using the funds for repairs.
“Older victims, many of whom were living on fixed incomes in Paradise Spa, were forced to find and pay for alternative living quarters when they were still obligated to make mortgage payments on their burned condo units, while waiting for repairs that would never be made,” Masto said.
Bill O'Donnell, president of the Paradise Spa homeowners association, told The Oklahoman some of the fire-damaged condominiums now are cement slab foundations while other fire-damaged homes remain boarded up.
“He has ripped this place apart,” O'Donnell said. “It's like watching a rape or robbery in slow motion and not being able to do anything about it. My only hope is that there is a court date in November. This guy has done nothing. We're here suffering until he makes his payments.”
O'Donnell said his board opposes a request by Yashouafar's attorneys to subordinate their liens against the California businessman for the stated intent of refinancing his mortgage on the property. O'Donnell fears that money could go toward paying off a $12 million mortgage with Capmark Bank for First National Center. Yashouafar's investment groups emerged from a foreclosure action and bankruptcy on the Oklahoma City property this year but have been unable to pay off the mortgage.
A Capmark attorney confirmed Yashouafar has paid the bank for extensions on a deadline to pay off the mortgage or see control of the property go to a receiver, who would be tasked with arranging its sale to another buyer.
O'Donnell questioned whether payments to Capmark, which total more than $1 million, have come at the expense of Paradise Spa's mostly elderly residents who are still without their homes. He said one resident, Iris Hokanson, 84, was moved into another condominium owned by Yashouafar and then charged rent while he diverted insurance proceeds intended for repairs of her condominium.
“If he is continuing to make payments to Capmark, I am furious,” O'Donnell said. “These residents have received nothing while the bankers in Oklahoma City are getting Iris Hokanson's money.”
Yashouafar said he is not going to use the money in connection with First National Center and instead will use the proceeds to pay off his mortgage on Paradise Spa.
O'Donnell said his board also is owed $1.8 million in delinquent association dues — an amount disputed by Yashouafar.
Yashouafar said his attorneys are awaiting an accounting of what is owed the homeowners association from the embezzled insurance proceeds before paying the $1 million restitution. “Because of their failure to provide financial information, our lawyers have made a motion on this that is set to be heard Wednesday,” he said.
Not giving up
Yashouafar said amid the legal entanglements, he believes a brighter future is ahead for First National Center, which he bought in 2006 for $21 million. Renovations were halted in 2009. He said he is considering partial conversions of the site to housing, a hotel and parking.
With house arrest or incarceration in Nevada to be decided in 60 days, he was philosophical when asked whether he could have handled his dealings differently.
“Always in hindsight ... you find affairs could have been dealt with easier and better. That's how humans progress. The second time you do things better. If time were to go back, there are some things I would have done differently,” he said.
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Oklahoma City's First National Center saga either continues, or starts new chapter
Oklahoma City landmark First National Center's mortgage extension is set to expire at 5 p.m. today. Business writer Steve Lackmeyer considers the possibilities and implications of foreclosure or more extensions.
If there is one topic being discussed this week collectively among the downtown real estate community, it's the fate of the city's landmark First National Center.
Aaron Yashouafar
MULTIMEDIA
Aug 28Oklahoma City landmark First National Center's mortgage...
For the past three months the ownership, led by Milbank Real Estate Chief Executive Officer Aaron Yashouafar, has bought off extensions from lender Capmark Group in a bid to get more time to find $12 million to pay off what was a $21 million mortgage.
Capmark itself is under court order to liquidate, and gave Yashouafar what was seen as a great deal by offering to cut the debt almost in half if it could get back the full $12 million.
The latest extension is set to expire at 5 p.m. today, with the attorney Rob Robertson promising there will be no more extensions if the $12 million isn't paid in full.
But in this ongoing game, down payments from Yashouafar have bought extensions each of the last three months. Who is to say another payment won't buy more time, despite Robertson's public pronouncements?
One can look back to the start of this situation starting way back when Yashouafar agreed to pay $21 million for the property — far more than what locals felt it was worth. But Yashouafar came in with grand promises that he would restore the property to Class A status. He challenged locals to watch his deeds.
Those deeds were watched. Locals saw Yashouafar spend some money on life-safety systems critical to keeping the property from being shut down by city code inspectors. He engaged in a controversial renovation of the ground floor retail arcade that tore up the original marble floor in the historic west tower (the remainder of the renovation remains unfinished).
Rent disputes were blamed for the loss of longtime retailers and other tenants. Yashouafar even faced liens filed against him by his former public relations firm, Saxum, over unpaid bills. All in all, it's safe to say Yashouafar is not the most popular property owner in the central business district.
Even after the building went into foreclosure and then bankruptcy, Yashouafar denied he paid too much for First National. But if it were really still worth $21 million, why is it so difficult to find $12 million in financing to pay off the greatly discounted loan?
More questions arise as this drama continues. Yashouafar this summer pleaded guilty to felony embezzlement charges related to a senior-housing complex in Nevada. He faces up to 10 years in prison and must pay $1 million in restitution.
Capmark Group did not face any public scrutiny when it lent $21 million for a property that locals valued at no more than $8 million. A lender that might give money to an admitted felon for a property, still deemed by some as being overvalued at $12 million, might face questioning by locals and investors alike.
At least four significant investment groups are awaiting the close of business today and hope that Capmark's extensions are over and that the property goes into receivership Wednesday morning. Should Yashouafar prevail, the questions shift to the future of First National Center: how will he afford to invest the money necessary to turn it around after two decades of turmoil? How will the bills get paid when the tenant paying half of the property's rental revenue, Devon Energy Corp., ends its lease next year? What will be the building's fate if Yashouafar goes to prison? Locals are paying attention and they don't like what they're seeing.
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Unedited transcript of OKC Central Chat with Steve Lackmeyer, Sept. 14, 2012
The Oklahoman's Steve Lackmeyer took questions from readers during his weekly OKC Central Chat. Participate in the chat every Friday at 10 a.m. on NewsOK.com/Business.
The Oklahoman's Steve Lackmeyer took questions from readers during his weekly OKC Central Chat. Participate in the chat every Friday at 10 a.m. on NewsOK.com/Business. Below is an unedited transcript of the chat.
on August 2, 2012M at 12:59 am
Next, Yashouafar is yanked from his role as head of the Paradise Spa condo association, ban from other condo boards for three years:
| 8 News NOW
The reporting continues with KLAS-8 beginning to link the Paradise Spa situation with another Yashouafar controversy at the Sky condos in Las Vegas – and with the troubles at First National Center:
| 8 News NOW
Charges were filed in December, and now, a guilty plea. So what’s next? Yashouafar has until Aug. 17 to come up with $12 million to pay off his lender, Capmark, or lose First National. One question: are there any Oklahoma City players coming to Yashouafar’s aid? And if there are, and if they succeed, what will be the community response to such efforts that result in a man who has plead guilty to embezzlement, a man who has filed multiple bankruptcies, faced tenant revolts, keeping control of First National?
Nevada condominium residents fear their money is being diverted to First National Center in Oklahoma City
Victims of insurance embezzlement by First National Center owner Aaron Yashouafar say they have yet to be compensated for their losses and are questioning the source of payments being made to Capmark Bank to prevent the Oklahoma City landmark being turned over to a receiver.
Victims of insurance embezzlement by First National Center owner Aaron Yashouafar say they have yet to be compensated for their losses and are questioning the source of payments being made to Capmark Bank to prevent the Oklahoma City landmark from being turned over to a receiver.
Aaron Yashouafar, CEO, Milbank Real Estate.
MULTIMEDIA
Oklahoma City's First National Center, the pride of the downtown skyline when it opened in 1931, faced having its utilities shut off when its New York-based ownership sold the property in 2006 to investment groups led by Aaron Yashouafar.
The $21 million sale surprised several downtown real estate players who questioned how the price could have shot up from its sale for $5 million in 1999.
Investment groups led by Aaron Yashouafar, chief executive officer of Los Angeles-based Milbank Real Estate, pledged to spend millions to restore the building as Class A office property. Aaron Yashouafar, his brother, Solyman Yashouafar, and nephew, Raymond Yashouafar, courted local leaders and boasted of their track record as successful, award-winning building owners.
“We stand by our word,” Raymond Yashouafar said in a presentation to an exclusive 2006 gathering of civic leaders at the Oklahoma City Golf and Country Club. “We have a good reputation where we've already done work. The previous ownership made a lot of promises and didn't follow through. We don't do that.”
Six years later, the Yashouafars' track record includes being named among New York City's top slumlords by The Village Voice, bankruptcies and foreclosures in California and Oklahoma, and a resident revolt at their Sky Las Vegas condominiums. First National Center, meanwhile, is set to lose about half of its income stream when a lease with Devon Energy expires next year.
Aaron Yashouafar pleaded guilty in July to a felony count of embezzlement of an insurance settlement for fire damages at the Paradise Spa condominiums in Las Vegas.
He first sought to pay $1 million in restitution to Paradise Spa residents over a one-year period. But Clark County, Nevada, Judge Carolyn Ellsworth ruled that the full restitution be paid before the Nov. 14 sentencing. The plea also requires Yashouafar to serve a minimum 30 days incarceration.
In an interview Tuesday, Yashouafar disputed the extent of harm experienced by Paradise Spa residents, saying he owned most of the fire-damaged units and only a couple of residents were displaced. He called an effort by the Paradise Spa homeowners board to publicize their complaints “propaganda” and said they are guilty of sloppy accounting.
“Unfortunately, they have ulterior motives, and you are being played,” Yashouafar said when questioned about the case.
Yashouafar entered the guilty plea after an investigation by Nevada Attorney General Cortez Masto, who claimed Yashouafar defrauded the condominium residents of more than $1 million when he was treasurer of the homeowners association board of directors. Masto accused Yashouafar of collecting two insurance checks, one for more than $400,000, the other for more than $430,000, and depositing them in an out-of-state bank account instead of using the funds for repairs.
“Older victims, many of whom were living on fixed incomes in Paradise Spa, were forced to find and pay for alternative living quarters when they were still obligated to make mortgage payments on their burned condo units, while waiting for repairs that would never be made,” Masto said.
Bill O'Donnell, president of the Paradise Spa homeowners association, told The Oklahoman some of the fire-damaged condominiums now are cement slab foundations while other fire-damaged homes remain boarded up.
“He has ripped this place apart,” O'Donnell said. “It's like watching a rape or robbery in slow motion and not being able to do anything about it. My only hope is that there is a court date in November. This guy has done nothing. We're here suffering until he makes his payments.”
O'Donnell said his board opposes a request by Yashouafar's attorneys to subordinate their liens against the California businessman for the stated intent of refinancing his mortgage on the property. O'Donnell fears that money could go toward paying off a $12 million mortgage with Capmark Bank for First National Center. Yashouafar's investment groups emerged from a foreclosure action and bankruptcy on the Oklahoma City property this year but have been unable to pay off the mortgage.
Read more: http://newsok.com/nevada-condominium-residents-fear-their-money-is-being-diverted-to-first-national-center-in-oklahoma-city/article/3709076#ixzz26mjSvYxp
