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Business fraud scandals devastate L.A.’s Iranian Jews.

Business fraud scandals devastate L.A.’s Iranian Jews.

URL: http://www.jewishjournal.com/cover_story/article/business_fraud_scandals_devastate_las_iranian_jews_20100216

Just over a year ago, Ezri Namvar was forced into involuntary bankruptcy and accused by investors of creating a Ponzi scheme that lost as much as $500 million that had been loaned to him — most of it by Los Angeles’ Iranian Jews. Many of his former investors once knew Namvar as a friend and trusted adviser, but they now say their lives have been turned upside down by their losses. Adding to their pain is the fact that, although the accusations surrounding Namvar have earned him the community’s ire, he is not the only object of their anger. Two other investment fraud scandals involving two other local Iranian Americans have since piled onto the local community’s difficulties.

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