Bankrupted homeowners in Oklahoma City and Las Vegas don’t have much to cheer about these days. But at least they know their main tormentor is facing up to ten years in prison for embezzlement.
Aaron Yashouafar, once called one of Brooklyn’s ten worst landlords, was controversial all across the country. He owns the First National Center, a landmark in Oklahoma City and is facing a 12 million dollar payment by August 17th to maintain control of the center. His string of bankruptcies, foreclosures and embezzlement charges make that seem somewhat remote.
He also is the chief owner and head of Paradise Spa, a Las Vegas condominium that burned down two years ago. Residents of the condo complex were required to keep making mortgage payments and pay HOA dues, despite the fact that their homes were destroyed by the fire. An insurance company paid Yashouafar one million dollars to repair the fire damage. But no repairs were made and no tenants were ever allowed to return home. Many of them were elderly and lived on fixed incomes.
Yashouafar, who now lives in Los Angeles deposited the insurance money into a private account, rather than pay off the homeowners. He pleaded guilty to embezzling those funds.
His official sentencing date is November 14th.