Yashouafar fraud sentencing delayed

Court sentencing for Aaron Yashouafar, best known locally as the owner of First National Center, was delayed Wednesday for 45 days as questions persist as to whether he fully compensated residents of the Paradise Spa condominiums in Las Vegas.
by Steve Lackmeyer Published: November 15, 2012
Advertisement
;

Court sentencing for Aaron Yashouafar, best known locally as the owner of First National Center, was delayed Wednesday for 45 days as questions persist as to whether he fully compensated residents of the Paradise Spa condominiums in Las Vegas.

Yashouafar, chief executive of Milbank Reality, entered a guilty plea in July on fraud charges filed by Nevada Attorney General Catherine Cortez Masto, who alleged Yashouafar diverted about $1 million in insurance proceeds paid for fire damage at the Las Vegas complex.

A grand jury indictment obtained by Masto alleged 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 for more than $430,000, issued by the Civil Service Employees Insurance Group, for property damage caused by fires at two separate buildings, according to the indictment. The insurance checks were issued for repairs.

The indictment determined that rather than repair the buildings, Yashouafar deposited the checks in an out-of-state bank account that he controlled. Condo owners, many of them seniors, alleged they were forced to find other living arrangements, while still making mortgage payments on their uninhabitable units.

Continue reading this story on the...

by Steve Lackmeyer
Business Reporter
Steve Lackmeyer is a reporter and columnist who started his career at The Oklahoman in 1990. Since then, he has won numerous awards for his coverage, which included the 1995 bombing of the Alfred P. Murrah Federal Building, the city's Metropolitan...
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Hobby Lobby president talks about importance of God in business at Owasso Character luncheon
  2. 2
    Rickie Fowler's haircut is ready for the Ryder Cup
  3. 3
    Former Texas Tech DC Matt Wallerstedt says 'don't believe' rumors of dismissal
  4. 4
    Sex crime charges filed against former Tulsa County sheriff's deputy
  5. 5
    White House will now lock the front door | WashingtonExaminer.com
+ show more