Investigators of HOA corruption in Las Vegas have scored another bit hit. They have indicted a Bevery Hills man for felony embezzlement and theft. The indicment accuses Massoud Aaron Yashouafar of stealing more than a million dollars from the Paradise Spa Homeowners Association. Yashouafar was the treasurer of the HOA.
In the past two years, two fires have erupted in the complex in Las Vegas. Insurance companies gave Yashouafar up to a million dollars to repair the damage. But owners of units in the complex say they never received any insurance money, and to this day Paradise spa is marred by the two fires.
Yashouafar has been the subject of criticism in previous months. Members of the Nevada State Legislature says Paradisa Spa was an example where a single property owner bought up more than half of the condo units, and then suddenly stopped paying HOA dues on any of his properties. His actions crashed the value of all the remaining units because no money was available for maintenance or payment of utilities. As utilities were shut off, homeowners faced foreclosure and bankruptcy.
Yashouafar’s attorney says his client will plead not guilty in the case.