Nevada AG: Ex-HOA Treasurer Hijacked $800K+ In Fire Insurance Proceeds, Leaving Damaged Premises Unrepaired, Elderly Residents Homeless

From the Office of the Nevada Attorney General:

• Nevada Attorney General Catherine Cortez Masto announced [] 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.



• “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 Masto.

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• In his capacity as treasurer of the Home Owners Association he was provided two checks, one over $400,000 and the other check over $430,000 issued by the Civil Service Employees Insurance Group, for property damage to two separate buildings caused by fires.



• The insurance checks were issued to repair the damaged buildings. Rather than repair the buildings, Yashouafar deposited the checks in an out of state bank account on which he was the sole signator. As a result, numerous condo owners, many of them senior citizens, were forced to find other living arrangements, while still making mortgage payments on their damaged, uninhabitable units.



• In some cases, Yashouafar rented units he owned to the displaced condo owners, resulting in them paying him rent while they waited for repairs that were never done because of the alleged theft.

For the Nevada AG press release, see Attorney General Announces Indictment In Paradise Spa Home Owners Association Embezzlement Scheme.

For the indictment, see State of Nevada v. Yashouafar.