Calif. man indicted for defrauding Vegas condo owners - FOX5 Vegas - KVVU

Calif. man indicted for defrauding Vegas condo owners

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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.

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