D.C Man Guilty of $1.9 Million Investment Fraud Scheme

D.C Man Guilty of $1.9 Million Investment Fraud Scheme

Homayoon Daneshvar, 63, a resident of Washington, D.C., pleaded guilty today to charges related to a $1.9 million investment fraud scheme.

According to the statement of facts filed with the plea agreement, from in or about April 2009 to January 2013, Daneshvar lied and made false promises to eight victim investors to persuade them to give him approximately $1.9 million. Daneshvar told the victim investors the money would be used for bridge financing to purchase foreclosed property that would be “flipped,” or quickly resold for profit. Daneshvar promised a monthly return on their investments, but in reality Daneshvar used the money to invest in the stock market, pay “returns” on the investments back to the investors, and to pay for his own personal expenses.

Daneshvar will be sentenced on Feb. 10, 2017, and faces a maximum penalty of 20 years in prison for wire fraud. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory Sentencing Guidelines and other statutory factors.

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