First National Center owner in Las Vegas jail cell

Massoud Aaron Yashouafar, part-owner of Oklahoma City's First National Center, is serving a 30-day sentence after admitting theft of insurance money in Nevada.
by Brianna Bailey Published: August 16, 2013
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Massoud Aaron Yashouafar, part-owner of Oklahoma City's historic First National Center, is serving a 30-day jail sentence in Clark County, Nev., after pleading guilty to charges that he stole more than $1 million in insurance money from a condominium homeowners association in Las Vegas.

Yashouafar surrendered Wednesday to Nevada law enforcement to begin serving his jail sentence.

The real estate developer also was sentenced to one to five years of probation.

He has paid more than $1 million in restitution to the homeowners association, but still owes about $1 million in back homeowners association dues for about 150 condominium units he owns at the Paradise Spa condominiums on the Las Vegas Strip.

“One of the conditions of his probation is that he has to remain current on the units that he owns,” said Robert Giunta, senior deputy attorney general for Nevada.

Yashouafar embezzled insurance settlement money that was supposed to go to fix condominium units that were damaged in a fire while he was serving as treasurer of the Paradise Spa homeowners association.

Many of the fire-damaged units at the complex remain uninhabitable and other units that Yashouafar owns are boarded up because of his failure to pay homeowners association dues, said Bill O'Donnell, president of the Paradise Spa homeowners association.

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by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
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