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 Paradise Spa Home Owners Association of over $1 million dollars.
Acting as the HOA treasurer, Yashouafar allegedly received two separate checks totaling $830,000 combined, from insurance companies for property damage caused by fires to two separate properties. Yashouafar then deposited the funds into an out of state bank account, and has since dispersed the money into various personal projects. The full indictment can be read here.
I highlight this story for two reasons: One, Attorney General Catherine Cortez Masto continues to do an excellent job going after the criminals in our society who often get overlooked or even get a free pass. I was very pleased earlier this year when she filed suit against Bank of America for deceptive loan modification and foreclosure practices.
Most recently, Cortez Masto went after Lender Processing Services Inc. (LPS) and several of its subsidiaries, including DOCX LLC and LPS Default Solutions Inc., for allegedly engaging in deceptive practices against Nevada consumers. We need our governments to stand up to Wall Street greed while still maintaining a business friendly environment. Kudos!
Second, I think this Yashouafar fellow deserves to be awarded idiot of the year in Nevada. There are probably other serious contenders for that title. Former Nevada GOP Chair Steve Wark and his indictment this year certainly come to mind. But Wark was engaged in a highly elaborate plot and at least had some sort of rational plan for not getting caught. Not sure how Yashouafar thought he might get away with depositing other people’s money directly into his own account. Wow. Brilliant!