His crook brother Tony Namvar should have been jail too...why he is free?
Call Tony NamvarTelephone: 310-550-5555 ext. 505 Email: tony@pentaco.com
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Ezri Namvar Is the New Bernie Madoff and the Most Reviled Man in Town
(And he speaks for the first time)
"It was a real rush to the bank," recalls George Haroonian, a creditor who witnessed the scene. "People didn't know what to do. I heard stories of screaming and fighting."
In a desperate scramble to stay afloat, Namvar paid off some of his most demanding investors with money from others. He "borrowed" from the financial exchange — where deposits were supposed to be secure, no matter what — then couldn't pay it back. He told different things to different people, and many say they were recruited to invest while Namvar knew he was floundering.
Fariborz David Diaan at his office in Century City
Michael Eshmoili, a fabric wholesaler who had lent Namvar $1 million, recalls being in the waiting area of Namvar's office around this time. Another investor, an elderly woman, asked if Eshmoili was there to get his money. He said he was. She said she was, too. She was owed $20,000.
Eshmoili figured that amount was so small that Namvar would just pull out his checkbook.
A while later, the woman came out of Namvar's office with a check for just $1,000.
Eshmoili says that's when the depth of the crisis hit him.
"How am I gonna ask for $1 million?" he wondered.
By November 2008, the lenders were growing even more frightened and anxious. Some had filed suit. Namvar called a meeting at the downtown Marriott to plead for time. Drop the lawsuits, he urged, and he would figure a way to pay everybody. It would take a while — maybe a few years. But everyone would be repaid.
Some creditors were angry. There was yelling. Then Eshmoili rose to speak.
"All of us gave this money to Namvar because of his name," he said. "We trusted his name and his father's name. If you trusted him then, you should trust him now. He will get us the money."
Many were persuaded. But not all.
Namvar's most formidable and dogged opponent has been Abraham Assil, a wealthy real estate investor who had parked $6 million with Namvar. When Assil heard the rumors of difficulty, he went to see Namvar.
"He played with my head," Assil says. "He sent me looking for a needle in a haystack."
Assil says Namvar promised to secure his loan with an interest in a penthouse in Israel. So Assil went to Israel to check it out. He says he later found out the penthouse was already being used as collateral for someone else. Assil says he concluded that Namvar had been transferring assets to his relatives and friends.
"Ezri is about misinformation and derailment," Assil says. "Finally it clicked. He was just buying time. I had to move quickly."
Assil gathered up a handful of other creditors and, in December 2008, forced Namvar into involuntary bankruptcy.
Meeting a reporter for coffee recently in the courtyard of the Montage Beverly Hills, the luxury hotel where Dodgers owner Frank McCourt has lived since separating from his wife, Assil shows up impeccably dressed and exuding old-world charm.
"What's your name?" he asks the waitress.
"Cassie," she says.
"My first girlfriend's name was Cassie."
He wastes no time getting down to business: "I'd rather get robbed off the street by someone who puts a gun to my head. When someone does what they did, it's different. They steal your trust. They steal your honor. They never apologized."
When the goat cheese arrives, he asks if it's kosher, then continues.
"A kid who steals a loaf of bread — he gets charged. But what about the guy who commits the biggest fraud in the history of L.A.? He gets only five to seven years?" Assil says, speculating about Namvar's coming prison sentence. "And they let him enjoy what he stole?"
Assil has harsh words for federal investigators, who, he says, barely scratched the surface of Namvar's crimes. He also is unsparing with the leaders of the Orthodox community. He believes they should have spoken out more forcefully and compelled the Namvar family to repay creditors.
"The religious authorities have an obligation to protect those who cannot defend themselves," he says. "Their silence speaks volumes."
Assil had hoped to be semiretired by now, but without the $6 million he lost to Namvar, he must keep working. Still, he acknowledges that he remains comfortable.
He is still following the money with grim determination. He believes "suitcases full of cash" went to Israel. Some may be in Turkey.
"He misjudged me," Assil says. "He miscalculated my abilities and my perseverance. This is not over yet. This is just the beginning."
When Michael Eshmoili spoke up in support of Namvar at the Marriott hotel, he had never met the man.
Eshmoili owns a fabric wholesaling business. It's downtown, and it used to be across the street from a branch of Security Pacific Bank, which Namvar owned, and which has since been seized by the Federal Deposit Insurance Corporation. Eshmoili kept a checking account there, and when he would go in to make deposits he would talk to a bank employee who urged him to invest his savings with Namvar. He would earn a high rate of return — 7.25 percent.
Eshmoili was told his money would be safe.
113 comments
Jewish Rules should have Not been broken, he could have pulled it off, but the profit lovers not only had no broad vision like him, they were unable to chart through the rugged tides of this economic mess like Ezri would have ...The question is, can one relinquish the agony of suffering and loss they endured, off course not, once the material substance had been sacrificed to a consideration as such, we could only question ourselves, what if....What if, we would have given up on the thirst, the thirst stemming from financial greed, and instead, compromised with the reality of his troubled ordeal, the same reality that compelled us to trust him, and give him our faith.....This may sound nothing more than a medium, not too distant from twilight zone.... but, what if...Mike M. D
Persians are so funny. Reading some of these comments, it seems that so many of them get so angry THAT THEY WRITE IN CAPS. Easily offended, dramatic and so concerned about posturing and putting on an air of wealth that pethaps they didn't perform enough due dillegence when they bequeathed their money to their own Madoff.
I do hope "Aaron" reads this...I am sure you are following all of these sorts of comments. I am sorry to read all of this with "Ezri" and "Namco". I understand so very very much now some 18 years later. The brightest in the bunch that "Ezri" never failed to impress. I have been spinning for 24 hours reading all of this. Something told my instinct to check in and sure enough wow.
I just paiid $ 22.89 for an iP a d 2-64GB and my girlfriend loves her Panasonic Lumix GF 1 Camera that we got for $ 38.76 there arriving tomorrow by UPS. I will never pay such expensive retail prices in stores again. Especially when I also sold a 40 inch LED TV to my boss for $ 657 which only cost me $ 62.81 to buy. Here is the website we use to get it all from, bit.ly/r8qxL7
Editor's note: We have removed 10 comments from this article, as they all came from the same IP address and purported to be written by different people, including reporter Gene Maddaus. Two of the comments wrongly claimed that Maddaus was publishing a correction. There have been no corrections made on this story.
It seems that the only people who haven't lost money are the religious dudes. One statement rings true after reading this article about Iranian religious leaders as with all other religious leaders "there is mo business like show business".
When a baby born, he has something to say, and of course he get paid.When new born is a boy, he has something to say, and of course he get paid.When boys and girls reaches puberty age, he has something to say, and of course he get paid.When a couple wants to get married, he has something to say, and of course he get paid.When a couple wants to get divorce, he has something to say, and of course he get paid.When a person passes away, he has something to say, and of course he get paid.When a person scam 400 families , he has nothing to say,"Sir, I have nothing to tell you, Thank you very much. Bye-bye" and of course he was paid in advance.
ON BEHALF OF LA WEEKLY WE HAVE POSTED THE ORIGINAL INTERVIEW BY PHONE WITH MR. EZRI NAMVAR. AFTER NUMEROUS CALLS TO OUR MAGAZINE, WE APOLOGIZE TO MR. EZRI NAMVAR AND HIS FAMILY. PER YOUR REQUESTS, PLEASE READ THE FOLLOWING INTERVIEW IN UNEDITED CONTEXT. THANK YOU
July 8, 2011:Ezri,As we discussed, I'm working on a story about you and the bankruptcy case for the L.A. Weekly. It would be helpful if I could get your perspective on many of the issues raised by creditors and others. It would also be helpful to verify some biographical details about you that are not directly related to the case. In a perfect world, I would interview you in person, but I understand that you would prefer to answer questions in writing. Your responses may prompt some follow-up questions. I hope that if so we can continue this exchange.Let me start with the biographical questions and then move to the questions about the bankruptcy case.1. When did you come to the U.S. and why? In Sept. 1969 to Kansas university to study. I received my MBA fron UCLA’s Anderson School of Management in 1976.
2. I understand that your father was a hard-money lender in Iran. Is that true? Is that how you learned the business? not at all he was a land developer and speculator, with major subdivisions, his business evolved into lending as a result of all the loans and mortgages he carried on the properties he sold. So he was doing both.
3. What personal characteristics made you successful? For instance, were you especially competitive, aggressive, well connected, trusted? all of the above , plus designing complicated multifaceted transactions into simple solutions.
4. What reputation do you have in the Iranian community? Did that help build your business? you must ask others, I always thought I had a perfect reputation until late 08 when all the rumors started. We stayed silent.
5. Please describe your charitable efforts in the Iranian community, especially as it relates to the synagogues. In our culture and in Jewish tradition one must not brag about the charity work one does. Perhaps you can ask others. But I can tell you that we were some how involved with many schools ,synygogues, and community centers both in Persian as well as other communities.
Moving to the questions about the bankruptcy case.
1. When and how did you realize that there was a problem? What did you try to do to correct it?
2. The trustees' report gives a lengthy narrative of the collapse of your business. It alleges, among other things, that you became reckless in your real estate investments. I respectfully disagree with the trustees on this point (and several of the other assertions and conclusions made in the report). the ship with a 13 member committee, and I proved to the chairman of that committee Mr. Kermanian that given the time we would have survived, had it not been for the zealousness, of a hand full (less than 6 ) individuals who forced the involuntary b.k despite all the efforts and meetings with community leaders to dissuade them. These individuals 2 of which were not even creditors had other old scores to settle which is beyond the scope of this article. When we held a general meeting on Nov,5 08 at the Marriott , I pleaded to the creditors to excersize restraint, and not force us to b.k. over 97% of the attendees were supportive, but all it takes is 3 people to put u into b.k. everything I predicted has happened , but it is too late , assets have been diposed of at fraction of value. The numbers given to the courts have been wrong , I was not allowed to participate in handling this big ship, or at least help navigating it. And when the outside world sees the weakness of the company due to b.k , they try to take advantage, and became overleveraged this is a relative term, we were less leveraged than most of our peers. Do you dispute the trustees' report absolutely over 80% of the report is wrong and was put together in a hurry just to make my name tainted , and show themselves as saviors , the real question is how much will they pay the creditors? They have said less than 10% themselves. But if any one is up to the challenge I can prove we could have paid much closer to 100% on a 5 yr plan? What did it get wrong? too many items to mention Why was Namco unable to pay creditors? Economic conditions and panic by certain creditors
3. Many of the creditors believe that you have hidden money overseas not at all or have given it to your siblings and other relatives. What is your response to that? They are wrong. I have not hidden money overseas or improperly transferred any money to my siblings or relatives. They gave me a lot more than I gave them, and the records prove that Namco owes my siblings and relatives a lot of money. 4. Many creditors hold out hope that you will be able to disburse their money to them eventually. Will you be able to do that ? What is preventing you? Those who followed the case from the beginning know that my avowed goal from beginning was to do everything within my power to make sure that every creditor was paid every penny he or she was owed. Unfortunately, once I was placed into involuntary bankruptcy, I lost the ability to control that process. As far as the future, a lot depends on what happens with my criminal case. Right now, the court is not allowing me to work. I want desperately to be able to work to provide for my family and to repay my creditors. It hurts me greatly to see how the assets that I worked hard for 30 yrs to build have been wasted and disposed of at nominal prices. Some of those assets are now being re-sold or marketed for much higher prices. 5. The bankruptcy case has gone on for more than two years. Why has it taken so long? What are the complications? I agree that this is an outrage. When I was put into bankruptcy, there were hundreds of properties worth hundreds of millions of dollars. I voluntarily turned over to the trustees more than 104 LLC entities, including those owned by my trust, my wife and my children. None of this money has gone to the creditors. The only people who are benefitting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. I don’t know the exact number, but I understand that the “administrative fees” associated with the bankruptcy are already more than $25 million. I warned the creditors that this would happen if I was put into bankruptcy – that the “professionals” would devour all of the assets, leaving the creditors with nothing. I am afraid that this is what is happening.
6. The bankruptcy trustee and the attorneys for the creditors committee say that you have fought every effort to recoup money for the creditors. What is your response? This is the most absurd thing I have ever heard. I voluntarily turned over more than 104 LLCs and entites to them which I did not have to , including my trust , my wife’s and children’s assets. I defy them to point to any specific example of me impeding their ability to recoup money for the creditors. . You really should find any attornety familiar with this case, they will tell u the truth provided u do not publish their names. U should also note that both trustees have talked 2 me less than 8 hours total outside of public meetings. If they wanted to recoup money for the creditors they would have listened to my recommendations. As well as cutting down on the expenses.
7. Some of the creditors have suggested taking this case to a Bet Din, or allowing the rabbis to sort it out. What is your view of that? We were the first to advocate this , as it would have been much more efficient and cheaper. But I do not think we can get a unified creditor force behind this. Also I believe the trustees will resist it.
8. Do you feel remorse for the situation of the creditors? Yes, I feel tremendous sadness for all of these people.
9. What do you make of the arguments between the creditors about the best way to proceed with the case? Well there is big diversity here, every one has an opinion, and unfortunately most creditors are honest good hearted people who do not know what to believe. We need a few leaders and strong sophisticated creditors who are trusted to look at this situation without anger and grudge, and manage the process.
10. Please describe your current circumstances. For instance, barring a successful appeal, it appears that you will be going to prison. My understanding is that you are under house arrest. Your family is being sued by the bankruptcy trustee. Your house, I believe, is in the foreclosure process. To what do you attribute this circumstance? You are correct about my current circumstances. It is obvious that my life has turned around tremendously, my believe in G-D has also increased tremendously, I believe that G-D has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family. The most pressing issue is the fear of unknown and the uncertainty about the future. But we have been blessed with tremendous amount of support, encouragement, and basically unconditional love we have received from family, friends and most of our creditors. May G-d give me strength to weather the storm and show my appreciation.11. What do you believe is the lesson of this case? That is too difficult a question for me to answer at this point.
12. Is there anything else you would like to say to correct the public record about this case? Our creditors are basically good-hearted people who have lost money. They should unify nad make decisions that are not based on emotions. They should also not rush to judgement, and listen to unfounded rumors without knowing all the facts. For example the trustees have reported that Namco gave each one of my children $50 million, but do not mention the other side of the coin that these were loans to Beshmada LLC,(an entity owned by my children). This LLC was turned over to the trustees with over $250 mil in NET EQUITY. This is just one example.
Thank you for taking the time to answer these questions and to set the record straight. I appreciate your thoughtful approach to this story, and for giving me a chance to respond.
Gene MaddausStaff WriterL.A. Weekly(310) 574-7215
ON BEHALF OF LA WEEKLY WE HAVE POSTED THE ORIGINAL INTERVIEW BY PHONE WITH MR. EZRI NAMVAR. AFTER NUMEROUS CALLS TO OUR MAGAZINE, WE APOLOGIZE TO MR. EZRI NAMVAR AND HIS FAMILY. PER YOUR REQUESTS, PLEASE READ THE FOLLOWING INTERVIEW IN UNEDITED CONTEXT. THANK YOU
July 8, 2011:Ezri,As we discussed, I'm working on a story about you and the bankruptcy case for the L.A. Weekly. It would be helpful if I could get your perspective on many of the issues raised by creditors and others. It would also be helpful to verify some biographical details about you that are not directly related to the case. In a perfect world, I would interview you in person, but I understand that you would prefer to answer questions in writing. Your responses may prompt some follow-up questions. I hope that if so we can continue this exchange.Let me start with the biographical questions and then move to the questions about the bankruptcy case.1. When did you come to the U.S. and why? In Sept. 1969 to Kansas university to study. I received my MBA fron UCLA’s Anderson School of Management in 1976.
2. I understand that your father was a hard-money lender in Iran. Is that true? Is that how you learned the business? not at all he was a land developer and speculator, with major subdivisions, his business evolved into lending as a result of all the loans and mortgages he carried on the properties he sold. So he was doing both.
3. What personal characteristics made you successful? For instance, were you especially competitive, aggressive, well connected, trusted? all of the above , plus designing complicated multifaceted transactions into simple solutions.
4. What reputation do you have in the Iranian community? Did that help build your business? you must ask others, I always thought I had a perfect reputation until late 08 when all the rumors started. We stayed silent.
5. Please describe your charitable efforts in the Iranian community, especially as it relates to the synagogues. In our culture and in Jewish tradition one must not brag about the charity work one does. Perhaps you can ask others. But I can tell you that we were some how involved with many schools ,synygogues, and community centers both in Persian as well as other communities.
Moving to the questions about the bankruptcy case.
1. When and how did you realize that there was a problem? What did you try to do to correct it?
2. The trustees' report gives a lengthy narrative of the collapse of your business. It alleges, among other things, that you became reckless in your real estate investments. I respectfully disagree with the trustees on this point (and several of the other assertions and conclusions made in the report). the ship with a 13 member committee, and I proved to the chairman of that committee Mr. Kermanian that given the time we would have survived, had it not been for the zealousness, of a hand full (less than 6 ) individuals who forced the involuntary b.k despite all the efforts and meetings with community leaders to dissuade them. These individuals 2 of which were not even creditors had other old scores to settle which is beyond the scope of this article. When we held a general meeting on Nov,5 08 at the Marriott , I pleaded to the creditors to excersize restraint, and not force us to b.k. over 97% of the attendees were supportive, but all it takes is 3 people to put u into b.k. everything I predicted has happened , but it is too late , assets have been diposed of at fraction of value. The numbers given to the courts have been wrong , I was not allowed to participate in handling this big ship, or at least help navigating it. And when the outside world sees the weakness of the company due to b.k , they try to take advantage, and became overleveraged this is a relative term, we were less leveraged than most of our peers. Do you dispute the trustees' report absolutely over 80% of the report is wrong and was put together in a hurry just to make my name tainted , and show themselves as saviors , the real question is how much will they pay the creditors? They have said less than 10% themselves. But if any one is up to the challenge I can prove we could have paid much closer to 100% on a 5 yr plan? What did it get wrong? too many items to mention Why was Namco unable to pay creditors? Economic conditions and panic by certain creditors
3. Many of the creditors believe that you have hidden money overseas not at all or have given it to your siblings and other relatives. What is your response to that? They are wrong. I have not hidden money overseas or improperly transferred any money to my siblings or relatives. They gave me a lot more than I gave them, and the records prove that Namco owes my siblings and relatives a lot of money. 4. Many creditors hold out hope that you will be able to disburse their money to them eventually. Will you be able to do that ? What is preventing you? Those who followed the case from the beginning know that my avowed goal from beginning was to do everything within my power to make sure that every creditor was paid every penny he or she was owed. Unfortunately, once I was placed into involuntary bankruptcy, I lost the ability to control that process. As far as the future, a lot depends on what happens with my criminal case. Right now, the court is not allowing me to work. I want desperately to be able to work to provide for my family and to repay my creditors. It hurts me greatly to see how the assets that I worked hard for 30 yrs to build have been wasted and disposed of at nominal prices. Some of those assets are now being re-sold or marketed for much higher prices. 5. The bankruptcy case has gone on for more than two years. Why has it taken so long? What are the complications? I agree that this is an outrage. When I was put into bankruptcy, there were hundreds of properties worth hundreds of millions of dollars. I voluntarily turned over to the trustees more than 104 LLC entities, including those owned by my trust, my wife and my children. None of this money has gone to the creditors. The only people who are benefitting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. I don’t know the exact number, but I understand that the “administrative fees” associated with the bankruptcy are already more than $25 million. I warned the creditors that this would happen if I was put into bankruptcy – that the “professionals” would devour all of the assets, leaving the creditors with nothing. I am afraid that this is what is happening.
6. The bankruptcy trustee and the attorneys for the creditors committee say that you have fought every effort to recoup money for the creditors. What is your response? This is the most absurd thing I have ever heard. I voluntarily turned over more than 104 LLCs and entites to them which I did not have to , including my trust , my wife’s and children’s assets. I defy them to point to any specific example of me impeding their ability to recoup money for the creditors. . You really should find any attornety familiar with this case, they will tell u the truth provided u do not publish their names. U should also note that both trustees have talked 2 me less than 8 hours total outside of public meetings. If they wanted to recoup money for the creditors they would have listened to my recommendations. As well as cutting down on the expenses.
7. Some of the creditors have suggested taking this case to a Bet Din, or allowing the rabbis to sort it out. What is your view of that? We were the first to advocate this , as it would have been much more efficient and cheaper. But I do not think we can get a unified creditor force behind this. Also I believe the trustees will resist it.
8. Do you feel remorse for the situation of the creditors? Yes, I feel tremendous sadness for all of these people.
9. What do you make of the arguments between the creditors about the best way to proceed with the case? Well there is big diversity here, every one has an opinion, and unfortunately most creditors are honest good hearted people who do not know what to believe. We need a few leaders and strong sophisticated creditors who are trusted to look at this situation without anger and grudge, and manage the process.
10. Please describe your current circumstances. For instance, barring a successful appeal, it appears that you will be going to prison. My understanding is that you are under house arrest. Your family is being sued by the bankruptcy trustee. Your house, I believe, is in the foreclosure process. To what do you attribute this circumstance? You are correct about my current circumstances. It is obvious that my life has turned around tremendously, my believe in G-D has also increased tremendously, I believe that G-D has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family. The most pressing issue is the fear of unknown and the uncertainty about the future. But we have been blessed with tremendous amount of support, encouragement, and basically unconditional love we have received from family, friends and most of our creditors. May G-d give me strength to weather the storm and show my appreciation.11. What do you believe is the lesson of this case? That is too difficult a question for me to answer at this point.
12. Is there anything else you would like to say to correct the public record about this case? Our creditors are basically good-hearted people who have lost money. They should unify nad make decisions that are not based on emotions. They should also not rush to judgement, and listen to unfounded rumors without knowing all the facts. For example the trustees have reported that Namco gave each one of my children $50 million, but do not mention the other side of the coin that these were loans to Beshmada LLC,(an entity owned by my children). This LLC was turned over to the trustees with over $250 mil in NET EQUITY. This is just one example.
Thank you for taking the time to answer these questions and to set the record straight. I appreciate your thoughtful approach to this story, and for giving me a chance to respond.
Gene MaddausStaff WriterL.A. Weekly(310) 574-7215
ON BEHALF OF LA WEEKLY WE HAVE POSTED THE ORIGINAL INTERVIEW BY PHONE WITH MR. EZRI NAMVAR. AFTER NUMEROUS CALLS TO OUR MAGAZINE, WE APOLOGIZE TO MR. EZRI NAMVAR AND HIS FAMILY. PER YOUR REQUESTS, PLEASE READ THE FOLLOWING INTERVIEW IN UNEDITED CONTEXT. THANK YOU.
July 8, 2011Ezri,As we discussed, I'm working on a story about you and the bankruptcy case for the L.A. Weekly. It would be helpful if I could get your perspective on many of the issues raised by creditors and others. It would also be helpful to verify some biographical details about you that are not directly related to the case. In a perfect world, I would interview you in person, but I understand that you would prefer to answer questions in writing. Your responses may prompt some follow-up questions. I hope that if so we can continue this exchange.Let me start with the biographical questions and then move to the questions about the bankruptcy case.1. When did you come to the U.S. and why? In Sept. 1969 to Kansas university to study. I received my MBA fron UCLA’s Anderson School of Management in 1976.
2. I understand that your father was a hard-money lender in Iran. Is that true? Is that how you learned the business? NOT AT ALL. He was a land developer and speculator, with major subdivisions, his business evolved into lending as a result of all the loans and mortgages he carried on the properties he sold. So he was doing both.
3. What personal characteristics made you successful? For instance, were you especially competitive, aggressive, well connected, trusted? all of the above , plus designing complicated multifaceted transactions into simple solutions.
4. What reputation do you have in the Iranian community? Did that help build your business? you must ask others, I always thought I had a perfect reputation until late 08 when all the rumors started. We stayed silent.
5. Please describe your charitable efforts in the Iranian community, especially as it relates to the synagogues. In our culture and in Jewish tradition one must not brag about the charity work one does. Perhaps you can ask others. But I can tell you that we were some how involved with many schools ,synygogues, and community centers both in Persian as well as other communities.
Moving to the questions about the bankruptcy case.
1. When and how did you realize that there was a problem? What did you try to do to correct it?
2. The trustees' report gives a lengthy narrative of the collapse of your business. It alleges, among other things, that you became reckless in your real estate investments. I respectfully disagree with the trustees on this point (and several of the other assertions and conclusions made in the report). the ship with a 13 member committee, and I proved to the chairman of that committee Mr. Kermanian that given the time we would have survived, had it not been for the zealousness, of a hand full (less than 6 ) individuals who forced the involuntary b.k despite all the efforts and meetings with community leaders to dissuade them. These individuals 2 of which were not even creditors had other old scores to settle which is beyond the scope of this article. When we held a general meeting on Nov,5 08 at the Marriott , I pleaded to the creditors to excersize restraint, and not force us to b.k. over 97% of the attendees were supportive, but all it takes is 3 people to put u into b.k. everything I predicted has happened , but it is too late , assets have been diposed of at fraction of value. The numbers given to the courts have been wrong , I was not allowed to participate in handling this big ship, or at least help navigating it. And when the outside world sees the weakness of the company due to b.k , they try to take advantage, and became overleveraged this is a relative term, we were less leveraged than most of our peers. Do you dispute the trustees' report absolutely over 80% of the report is wrong and was put together in a hurry just to make my name tainted , and show themselves as saviors , the real question is how much will they pay the creditors? They have said less than 10% themselves. But if any one is up to the challenge I can prove we could have paid much closer to 100% on a 5 yr plan? What did it get wrong? too many items to mention Why was Namco unable to pay creditors? Economic conditions and panic by certain creditors
3. Many of the creditors believe that you have hidden money overseas not at all or have given it to your siblings and other relatives. What is your response to that? They are wrong. I have not hidden money overseas or improperly transferred any money to my siblings or relatives. They gave me a lot more than I gave them, and the records prove that Namco owes my siblings and relatives a lot of money. 4. Many creditors hold out hope that you will be able to disburse their money to them eventually. Will you be able to do that ? What is preventing you? Those who followed the case from the beginning know that my avowed goal from beginning was to do everything within my power to make sure that every creditor was paid every penny he or she was owed. Unfortunately, once I was placed into involuntary bankruptcy, I lost the ability to control that process. As far as the future, a lot depends on what happens with my criminal case. Right now, the court is not allowing me to work. I want desperately to be able to work to provide for my family and to repay my creditors. It hurts me greatly to see how the assets that I worked hard for 30 yrs to build have been wasted and disposed of at nominal prices. Some of those assets are now being re-sold or marketed for much higher prices. 5. The bankruptcy case has gone on for more than two years. Why has it taken so long? What are the complications? I agree that this is an outrage. When I was put into bankruptcy, there were hundreds of properties worth hundreds of millions of dollars. I voluntarily turned over to the trustees more than 104 LLC entities, including those owned by my trust, my wife and my children. None of this money has gone to the creditors. The only people who are benefitting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. I don’t know the exact number, but I understand that the “administrative fees” associated with the bankruptcy are already more than $25 million. I warned the creditors that this would happen if I was put into bankruptcy – that the “professionals” would devour all of the assets, leaving the creditors with nothing. I am afraid that this is what is happening.
6. The bankruptcy trustee and the attorneys for the creditors committee say that you have fought every effort to recoup money for the creditors. What is your response? This is the most absurd thing I have ever heard. I voluntarily turned over more than 104 LLCs and entites to them which I did not have to , including my trust , my wife’s and children’s assets. I defy them to point to any specific example of me impeding their ability to recoup money for the creditors. . You really should find any attornety familiar with this case, they will tell u the truth provided u do not publish their names. U should also note that both trustees have talked 2 me less than 8 hours total outside of public meetings. If they wanted to recoup money for the creditors they would have listened to my recommendations. As well as cutting down on the expenses.
7. Some of the creditors have suggested taking this case to a Bet Din, or allowing the rabbis to sort it out. What is your view of that? We were the first to advocate this , as it would have been much more efficient and cheaper. But I do not think we can get a unified creditor force behind this. Also I believe the trustees will resist it.
8. Do you feel remorse for the situation of the creditors? Yes, I feel tremendous sadness for all of these people.
9. What do you make of the arguments between the creditors about the best way to proceed with the case? Well there is big diversity here, every one has an opinion, and unfortunately most creditors are honest good hearted people who do not know what to believe. We need a few leaders and strong sophisticated creditors who are trusted to look at this situation without anger and grudge, and manage the process.
10. Please describe your current circumstances. For instance, barring a successful appeal, it appears that you will be going to prison. My understanding is that you are under house arrest. Your family is being sued by the bankruptcy trustee. Your house, I believe, is in the foreclosure process. To what do you attribute this circumstance? You are correct about my current circumstances. It is obvious that my life has turned around tremendously, my believe in G-D has also increased tremendously, I believe that G-D has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family. The most pressing issue is the fear of unknown and the uncertainty about the future. But we have been blessed with tremendous amount of support, encouragement, and basically unconditional love we have received from family, friends and most of our creditors. May G-d give me strength to weather the storm and show my appreciation.11. What do you believe is the lesson of this case? That is too difficult a question for me to answer at this point.
12. Is there anything else you would like to say to correct the public record about this case? Our creditors are basically good-hearted people who have lost money. They should unify nad make decisions that are not based on emotions. They should also not rush to judgement, and listen to unfounded rumors without knowing all the facts. For example the trustees have reported that Namco gave each one of my children $50 million, but do not mention the other side of the coin that these were loans to Beshmada LLC,(an entity owned by my children). This LLC was turned over to the trustees with over $250 mil in NET EQUITY. This is just one example.
Thank you for taking the time to answer these questions and to set the record straight. I appreciate your thoughtful approach to this story, and for giving me a chance to respond.
Gene MaddausStaff WriterL.A. Weekly
ON BEHALF OF LA WEEKLY WE HAVE POSTED TO ORIGINAL INTERVIEW BY PHONE WITH MR. EZRI NAMVAR. AFTHER NUMEROUS CALLS TO OUR MAGAZINE, WE APOLOGIZE TO MR. EZRI NAMVAR AND HIS FAMILY. PER YOUR REQUESTS, PLEASE READ THE FOLLOWING INTERVIEW IN ON EDITED CONTEXT. THANK YOU.
Ezri,As we discussed, I'm working on a story about you and the bankruptcy case for the L.A. Weekly. It would be helpful if I could get your perspective on many of the issues raised by creditors and others. It would also be helpful to verify some biographical details about you that are not directly related to the case. In a perfect world, I would interview you in person, but I understand that you would prefer to answer questions in writing. Your responses may prompt some follow-up questions. I hope that if so we can continue this exchange.Let me start with the biographical questions and then move to the questions about the bankruptcy case.1. When did you come to the U.S. and why? In Sept. 1969 to Kansas university to study. I received my MBA fron UCLA’s Anderson School of Management in 1976.
2. I understand that your father was a hard-money lender in Iran. Is that true? Is that how you learned the business? NOT AT ALL. He was a land developer and speculator, with major subdivisions, his business evolved into lending as a result of all the loans and mortgages he carried on the properties he sold. So he was doing both.
3. What personal characteristics made you successful? For instance, were you especially competitive, aggressive, well connected, trusted? all of the above , plus designing complicated multifaceted transactions into simple solutions.
4. What reputation do you have in the Iranian community? Did that help build your business? you must ask others, I always thought I had a perfect reputation until late 08 when all the rumors started. We stayed silent.
5. Please describe your charitable efforts in the Iranian community, especially as it relates to the synagogues. In our culture and in Jewish tradition one must not brag about the charity work one does. Perhaps you can ask others. But I can tell you that we were some how involved with many schools ,synygogues, and community centers both in Persian as well as other communities.
Moving to the questions about the bankruptcy case.
1. When and how did you realize that there was a problem? What did you try to do to correct it?
2. The trustees' report gives a lengthy narrative of the collapse of your business. It alleges, among other things, that you became reckless in your real estate investments. I respectfully disagree with the trustees on this point (and several of the other assertions and conclusions made in the report). the ship with a 13 member committee, and I proved to the chairman of that committee Mr. Kermanian that given the time we would have survived, had it not been for the zealousness, of a hand full (less than 6 ) individuals who forced the involuntary b.k despite all the efforts and meetings with community leaders to dissuade them. These individuals 2 of which were not even creditors had other old scores to settle which is beyond the scope of this article. When we held a general meeting on Nov,5 08 at the Marriott , I pleaded to the creditors to excersize restraint, and not force us to b.k. over 97% of the attendees were supportive, but all it takes is 3 people to put u into b.k. everything I predicted has happened , but it is too late , assets have been diposed of at fraction of value. The numbers given to the courts have been wrong , I was not allowed to participate in handling this big ship, or at least help navigating it. And when the outside world sees the weakness of the company due to b.k , they try to take advantage, and became overleveraged this is a relative term, we were less leveraged than most of our peers. Do you dispute the trustees' report absolutely over 80% of the report is wrong and was put together in a hurry just to make my name tainted , and show themselves as saviors , the real question is how much will they pay the creditors? They have said less than 10% themselves. But if any one is up to the challenge I can prove we could have paid much closer to 100% on a 5 yr plan? What did it get wrong? too many items to mention Why was Namco unable to pay creditors? Economic conditions and panic by certain creditors
3. Many of the creditors believe that you have hidden money overseas not at all or have given it to your siblings and other relatives. What is your response to that? They are wrong. I have not hidden money overseas or improperly transferred any money to my siblings or relatives. They gave me a lot more than I gave them, and the records prove that Namco owes my siblings and relatives a lot of money. 4. Many creditors hold out hope that you will be able to disburse their money to them eventually. Will you be able to do that ? What is preventing you? Those who followed the case from the beginning know that my avowed goal from beginning was to do everything within my power to make sure that every creditor was paid every penny he or she was owed. Unfortunately, once I was placed into involuntary bankruptcy, I lost the ability to control that process. As far as the future, a lot depends on what happens with my criminal case. Right now, the court is not allowing me to work. I want desperately to be able to work to provide for my family and to repay my creditors. It hurts me greatly to see how the assets that I worked hard for 30 yrs to build have been wasted and disposed of at nominal prices. Some of those assets are now being re-sold or marketed for much higher prices. 5. The bankruptcy case has gone on for more than two years. Why has it taken so long? What are the complications? I agree that this is an outrage. When I was put into bankruptcy, there were hundreds of properties worth hundreds of millions of dollars. I voluntarily turned over to the trustees more than 104 LLC entities, including those owned by my trust, my wife and my children. None of this money has gone to the creditors. The only people who are benefitting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. I don’t know the exact number, but I understand that the “administrative fees” associated with the bankruptcy are already more than $25 million. I warned the creditors that this would happen if I was put into bankruptcy – that the “professionals” would devour all of the assets, leaving the creditors with nothing. I am afraid that this is what is happening.
6. The bankruptcy trustee and the attorneys for the creditors committee say that you have fought every effort to recoup money for the creditors. What is your response? This is the most absurd thing I have ever heard. I voluntarily turned over more than 104 LLCs and entites to them which I did not have to , including my trust , my wife’s and children’s assets. I defy them to point to any specific example of me impeding their ability to recoup money for the creditors. . You really should find any attornety familiar with this case, they will tell u the truth provided u do not publish their names. U should also note that both trustees have talked 2 me less than 8 hours total outside of public meetings. If they wanted to recoup money for the creditors they would have listened to my recommendations. As well as cutting down on the expenses.
7. Some of the creditors have suggested taking this case to a Bet Din, or allowing the rabbis to sort it out. What is your view of that? We were the first to advocate this , as it would have been much more efficient and cheaper. But I do not think we can get a unified creditor force behind this. Also I believe the trustees will resist it.
8. Do you feel remorse for the situation of the creditors? Yes, I feel tremendous sadness for all of these people.
9. What do you make of the arguments between the creditors about the best way to proceed with the case? Well there is big diversity here, every one has an opinion, and unfortunately most creditors are honest good hearted people who do not know what to believe. We need a few leaders and strong sophisticated creditors who are trusted to look at this situation without anger and grudge, and manage the process.
10. Please describe your current circumstances. For instance, barring a successful appeal, it appears that you will be going to prison. My understanding is that you are under house arrest. Your family is being sued by the bankruptcy trustee. Your house, I believe, is in the foreclosure process. To what do you attribute this circumstance? You are correct about my current circumstances. It is obvious that my life has turned around tremendously, my believe in G-D has also increased tremendously, I believe that G-D has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family. The most pressing issue is the fear of unknown and the uncertainty about the future. But we have been blessed with tremendous amount of support, encouragement, and basically unconditional love we have received from family, friends and most of our creditors. May G-d give me strength to weather the storm and show my appreciation.11. What do you believe is the lesson of this case? That is too difficult a question for me to answer at this point.
12. Is there anything else you would like to say to correct the public record about this case? Our creditors are basically good-hearted people who have lost money. They should unify nad make decisions that are not based on emotions. They should also not rush to judgement, and listen to unfounded rumors without knowing all the facts. For example the trustees have reported that Namco gave each one of my children $50 million, but do not mention the other side of the coin that these were loans to Beshmada LLC,(an entity owned by my children). This LLC was turned over to the trustees with over $250 mil in NET EQUITY. This is just one example.
Thank you for taking the time to answer these questions and to set the record straight. I appreciate your thoughtful approach to this story, and for giving me a chance to respond.
Gene MaddausStaff WriterL.A. Weekly
Mr. Maddaus, you interviewed me on Monday for about 10 minutes or so, whydidnt you even mention my name, the answer is because as a creditor i toldyou that i never thought even for a second that Ezri did anything illegal,mistakes he made a few, instead you mentioned the name of Mr
Assil girlfriend, mazal tov we learned about his girlfriend name, with alldue respect your report is quite biased, i apologize for being honest, in myopion you are a very lousy reporter, i dont know which university gave you ajournalism degree?
Mr. Maddaus you called and spoke with me twice for about half an hour; fromyour type of questions I become convinced that you were different than allthe other reporters who in their zeal for sensational Journalism overlookedstatements and authentic documents to propagate the Bernie Madoff of BeverlyHills narrative. I convinced Ezri to speak with you. I was wrong. You turnedto be worst than the dishonest Beverly Hills Currier "reporter" whointerviewed me for half hour yet made a short misquote of what I stated andeven our Rabbis signed statement. You made no mention of any thing I statednor any of the vital information that I e mailed you. Obviously mention ofany intricacies or of the fine attributes of Ezri and his genuinely kind andcharitable family was not congruent with the unsubstantiated allegationsthat your article was filled with. Apparently for the same despicablereasons you chose not to quote Mr George Haroonian a prominent member of thecommunity dubbed as a creditor that lost his money but not his sanity norhis decency. You just put his picture there. You choose to ignore our Rabbis most relevant signed statement which is thatthey used their influence to convince every one of Ezri's four brothers tosubject themselves to Jewish Beit Din, and if it was not for Mr. Assil -"the most reviled man" among Ezri's Creditors, our Iranian Jewish Communitywould have realized its finest hour. Sadly Assil still sees this as apersonal crusade to prove to Ezri that "he misjudged me, my abilities...Myperseverance..." he has no regards for the overwhelming majority of thecreditors who implored begged and besieged him not to file "forcedBankruptcy". Equating Ezri Namvar with Bernie Madoff is grotesquelyunsightly . Were as Madoff systematically lured peaple to "invest" in aclassic Ponzi scheme, Ezri Namvar personally borrowed money and made prudentinvestments valued many times over what he owed. You had one gem though, Fariborz David Dian's insightful observations wereinspiring. Most of us lost much of our perceived tangible assets. Many wentfor the high risk and for a long time enjoyed high interest rate. But nowproject the blame squarely on Ezri and every one associated with him, worstyet come up with silly theories of cash transfers in suit cases
Everyone involved in this story is a greedy idiot. Reading the comments that are obviously from family and friends of the people involved is nothing but entertainment. It's like a train wreck...you don't want to watch it but you can't turn away. You're all delusional and deranged. The only character that comes off as rational in all of this is Fariborz. Good for him for channeling his anger appropriately. All of you defenders of all of these greedy assholes should go get a life.
Apparently you don't have a life. You don't know shit about shit but that's okay. If you have friend's like Fariborz who doesn't have a life but to mimic other peoples' lives, he has no wife, no children, no real family members who like him and just a community that likes to laugh more behind him than with him. You can go ahead and join his stupid circle of friends. Greed was not involved here. Greedy are the people who give their money to an UNSECURED Business NOT A SECURED BANK OF THE UNITED STATES BECAUSE THEY WANT TO GET MORE INTEREST ON THEIR MONEY. REALITY CHECK! NO ONE PUT A GUN TO THEIR HEAD! So when you judge a man who has a immaculate track record of 30years and his family reputation of 80years the same, of course, you call him greedy but people should look in the mirror before pointing fingers. The money in the bank would have been secured BUT THEY CHOSE TO GET MORE MONEY FOR THEIR BUCK. THAT INCLUDES YOUR STUPID LOWLIFE FRIEND FARIBORZ who blames everything on people/community around him (decides to write about as therapy) vs. looking at himself as the real loser that he is. YOU GET A FUCKING LIFE!
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These comments are hysterical. I thought you guys were just hairy, I never knew persians were funny too!
Apart from beeing cheap as f*ck humor seems to be par of their personality even if that means someone else's sorrow
I think Mr Mad-ass likes persion ASS & finally he found our ass-ill .By writing this report he made L.A weekly worth cleaning the Ass with!!!!!!!!
Mr. Maddaus, you have failed greatly as a human being and a responsible citizen to set the record straight. You have naively been tamed and influenced by con artists like Mr. Assil and his associates, over a cup of coffee and some sweet talk at a fancy hotel. You sir do not deserve and must not be given the right to be a writer. You do not fall into the category of decent people who choose a profession to make a difference. You have abused your position and chosen to write a viciously misleading piece, by ONLY inserting what can purposely mislead, destroy, and provoke your readers. I am guessing that you are afraid to once again go looking for a new job. You have diminished the title of a journalist and fall in the category of the same people who work for the gossip magazines and go to any lengths to bring a paycheck home. SHAME ON YOU AND YOUR ETHINCS.
Dear Mr. Maddaus;
When you ask a teenager just finishing high school, what do you want to do in the future, someone with decency would respond, I want to do what I love, but I want to help people while I am doing it and make a difference. A journalist chooses to have this profession to have a voice to tell it as it is, with honesty and clarity. A journlist talks for the people that do not have a voice or are being unjustly treated, blamed or judged, and has the power to make a difference in a positive way and earn his title and recognition, a title that comes with the great privilege and freedom to write and tell a story that is the TRUTH and nothing but the truth. By doing so, he can help and clarify what the readers or the community do not know and make a difference. Just as a doctor makes a difference when he saves a life, or a therapist when he helps an emotionally distressed get back to having a normal and happy life, or a teacher by being a big part of a child’s future, by teaching and giving a child love and confidence. These are all professions that can make a huge difference in people’s lives.
A journalist almost has the power of G-d, because G-d does not judge or take sides. God treats all his beings with fairness, as does a professional journalist, who has been given this power, as he writes, to write fairly and in an unbiased manner. ONCE A JOURNALIST ABUSES THE POWER HE IS GIVEN, HE HAS FAILED HIS RESPONSIBILITY AS THE MESSENGER OF TRUTH, AND DOES NOT DESERVE TO HAVE THIS PRIVILEDGE. That journalist is proven to be bad at what he does, because his work is pointless and false. Shakespere said “nothing can come of nothing”. And by writing with no conscience or substance, you have introduced nothing with your article.
As you begin your article with its purposely catching and misleading title, “Ezri Namvar is the New Bernie Madoff and the Most Reviled Man in Town”, it is evident that you have abused your power and misused your position and your privilege as a writer. It shows that you are neither informed nor clear as to what the case is for Ezri Namvar. You are either very naïve and foolish, extremely bad at what you do, or have been bribed with money and brainwashed by a certain man’s deceitful and dangerously false charm that got us all here in this mess in the first place. Shakespere said “He is mad that trusts in the tameless of a wolf”. The wolf sir is Mr. Assil himself, one of the individual’s that you have chosen to interview and quote in your article.
Dear Mr. Maddaus, Ezri Namvar had worked very hard and achieved great success. With his reputation of 30 years, and his many business dealings and relationships, he earned people’s trust and good faith. Mr. Namvar was and still is admired by many who know him personally, and has had a big hand in their road to success. But unfortunately, with any kind of success and exposure, comes envy, jealousy, and unfunded hatred. As a result, some individuals of whom are not even creditors has made their life mission to ruin Mr. Namvar’s life by first forcing him into Bankruptcy, and then spreading rumors none of which has been proven as of this date. Dear sir, you cannot cheat your way into making a reputable company and earning the good faith of people. Reputation is EARNED by years of business practices with real people and reputable companies. I suggest, next time you think twice before you attempt to tarnish someone’s name and reputation and quote some professor who knows nothing about Mr. Namvar and his case.
In our community many families know each other not just from 5 or 10 years ago. They have knowledge of the characteristic of their acquaintances that go back to maybe 50 to 100 years of watching the family do business in the community, their treatment of their families and relatives and what kind of reputation they have earned by the values they lived by. I like to inform you that I am acquainted both with Mr. Namvar and his family as I am with Mr. Assil and his family and all his extended relatives. In fact my family knows Mr. Assil and his family background from 70 years ago. Here is a man that is great at charming and influencing, to get his agenda on track and he is one with no conscience when it comes to money, power, relations, or family. That is evident in how many people, including many of his close relatives continue to speak ill of this man’s values and behavior. He has managed to cheat, lie and deceit many in his business dealings even his own family members that have resulted in many lawsuits being against him. He is a big talker, with no regard for anyone but himself, and quite self observed due to his issues and insecurities. As a result, his destructive character has managed to destroy a family, a business, and a community of people who believed and trusted in Mr. Namvars’ word and promise. I wonder if Mr. Assil mentioned to you that he knew Mr. Namvar for a great number of years and profited from doing business with him on many occasions, resulting in him becoming a rich individual.
Since the downfall of the economy 3 years ago, which has been compared to the recession of the 1920’s, many have been hurt, including many in our Jewish Persian community, completely unrelated to Mr. Namvar’s case. But they managed to keep their situation hidden, so they can still have pride in a community that unfortunately, picks most of their acquaintances and socializing buddies based on their pockets. Now lets go back to Ezri Namvar. When the economy collapsed in 2007, Ezri Namvar was still a very rich man. In fact, Ezri Namvar had more assets than liability. So that means his company was not bankrupt. So when panic started in the whole country, in regards to banks, going down one after another, so did in our Persian community. As it did, people lined up one after another, thinking that Mr. Namvar is bankrupt and might go into bankruptcy, and began asking for their money. Now if you have any notion of business sir, if all the customers of Bank of America (BOA) line up at their front door and say, “we want our money tomorrow”, although BOA has assets way over what people are asking for, they still need TIME to liquidate these assets in order to give people what they want. The keyword here sir is “TIME”.
And some time was given to Mr. Namvar by most of the individuals who trusted their money with him to begin with and believed and had faith in his word, that he would return their money as soon as he could liquidate. And Mr. Namvar did.
I wonder if Ezri Namvar is the “New Madoff”, how come he had paid two thirds of his creditors right until the time before he was forced into involuntary bankruptcy??? Did Bernie Madoff do the same sir? If Ezri Namvar is the “New Madoff”, how come he had enough assets necessary to liquidate and pay the remaining one third of the creditors waiting and send everyone home happy??? I never read anything about Mr. Madoff paying off his creditors. In fact I read that there was no trace of the money that was given to Bernie Madoff. Since you describe and compare Ezri Namvar to Mr. Madoff, please give me facts and proof, “WHERE DOES IT SAY THAT MR. BERNIE MADOFF PAID AND RETURNED MONEY TO TWO THIRDS OF HIS CREDITORS? IF MR. NAMVAR IS A “CROOK”, AS QUOTED BY YOUR PROFESSOR, WHY DID HE OFFER TO PAY HIS CREDITORS AND ASK THEM TO WAIT? DO CROOKS OFFER TO PAY THEIR CREDITORS? I ALWAYS THOUGHT THAT CROOKS HIDE OR RUN AWAY FROM THE COUNTRY? IF MR. NAMVAR HAS MONEY HIDDEN IN TURKEY, WHY DID HE OPEN ITS DOORS AND HIS FILES AND RECORDS, AND BROUGHT NUMBER OF INDIVIDUALS INCLUDING MR. ASSIL TO DISTRIBUTE, LIQUIDATE, AND HELP THE CREDITORS THAT WERE WAITING TO GET PAID? DON’T “CROOKS” HAVE THINGS TO HIDE? DOES A “CROOK” INVITE AND ALLOW OTHERS TO LOOK THRU THEIR FILES WILLINGLY AND WITH CLASS? I GUESS YOU WOULDN’T KNOW MUCH ABOUT CLASS WOULD YOU?
I suggest you write a public apology letter first to the subject of this letter, Mr. Ezri Namvar and to the creditors that have been used as puppets with insensitivity of words and biased information and have been deceived by the likes of amateur reporters like yourself. Who it seems have been fired from 3 different newspapers within the last 3 years.
It is shameful to see a writer, who is born and educated in America, to have such corrupt work ethics, as to not even care what his misleading article will do to a wounded businessman and a wounded community, whom have not only lost their money, but their faith and trust. A community who is tired of waiting, and is desperate for results that they knew they would have had, if a few destructive people had not interfered, to postpone, destroy and bring millions of dollars of assets to ashes, because of their suspicious mentality, issues of jealousy, personal vendetta, and let us not forget ENVY.
Today sir, you have failed greatly as a human being and a responsible citizen to set the record straight. You have naively been tamed and influenced by con artists like Mr. Assil and his associates, over a cup of coffee and some sweet talk at a fancy hotel. You sir do not deserve and must not be given the right to be a writer. You do not fall into the category of decent people who choose a profession to make a difference. You have abused your position and chosen to write a viciously misleading piece, by ONLY inserting what can purposely mislead, destroy, and provoke your readers. I am guessing that you are afraid to once again go looking for a new job. You have diminished the title of a journalist and fall in the category of the same people who work for the gossip magazines and go to any lengths to bring a paycheck home. SHAME ON YOU AND YOUR ETHINCS.
I AM ASHAMED TO BE CALLED AN AMERICAN CITIZEN, IF YOU ARE AN EXAMPLE OF WHAT AN AMERICAN CITIZEN VALUES AND LIVES BY. SHAME ON YOU MR. GENE MADDAUS. YOU SHOULD BE DISQUALIFIED AS A WRITER AND FIRED BY YOUR SUPERIOR, AND AS A RESPONSIBLE CITIZEN AND READER OF YOUR MOST UNSKILLFUL WORK, I WILL MAKE SURE THAT YOUR SUPERIOR WILL KNOW ABOUT YOUR WORK ETHICS AND PRACTICES SIR.
Lengthy, but TRUE! I agree. This is well written. You should write this to the supervisor of the LA Weekly. This reporter is nor fit as a person nor journalist to take such compelling issues. As for Mr. Ezri Namvar, I know his intention was not to ruin his life, 30 years of hard work, and reputation of himself and family and now his freedom for MONEY! WHO WOULD BE SOO CRAZY. That leaves you with nothing and only gives the upper hand to all his enemies, banks, trusties, lawyers and who ever else wants to fall on the bandwagon (such as Mr. Youseffie, that stupid lawyer or Mr. Hahkahkah, who is neither a businessman nor a creditor). WELL SAID. THANKYOU.
It is very obvious Ezri and his family has lots of free time to write comments here and defend him.They are unsuccessfully trying to blame, Mr. Assil, Trusties, Creditors, The Judge, Juries, lawyers, Banks, Government, the System, and even the LA Weekly reporter.Everybody is responsible for this catastrophe, expect him and his family.He thinks G-d is also responsible. He has an interesting plan, but the problem is, he is not sharing his plan with him.Ezri and his family miscalculated something. They were doing business as usual ( Like in Iran) hard money, usury, cheating,......and they were hoping there is a hole in legal system and by bribery they can beat the system and by donating money to temples they can buy heaven.
NO MY FRIEND. NO ONE HAS FREE TIME TO DO SHIT. WE ALL WORK HARD. you forget, 14% of the nation is unemployed and the other percentage is underemployed. If you like Assil, Trusties, lawyers, banks, government and so forth maybe you should be in such a predicament. These comments come from rational and not emotion. He has paid his dues and wanted and still wants to pay people back. NO ONE LET HIM. So we put our faith in Mr. Assill, Trusties, Creditors, The Judge, lawyers, and reporters who are supposed to work for the truth and facts. BUT SOOOOOOOOOOOOOOOOOO MUCH BULL SHIT GETS INTO ALL THESE STORIES THAT NO ONE KNOW WHAT THE TRUTH IS. THIS REPORTER WROTE A VERY BIAS STORY. we Had to know Mr. Assil eats kosher or what he said to the waitress. But you exclude all the details from Ezri Namvar's personal struggle and the support he has from people of the community, despite what is always written. Who the hell was the Loyola Professor to make a comment that this is definitely as Ponzi Scheme. Are his fact based on anything OTHER THAN HIS OWN BIASED OPINION. No where has it been proven that any ponzi existed in this situation. WOW, DOESN'T OUR COMMUNITY LOOK STUPID WHEN WE LEARN A NEW WORD AND RUN WITH IT ...."PONZI". REAL MONEY AND ASSETS EXISTED BEHIND THE BUSINESS NOT A PYRAMID OF TAKING MONEY FROM ONE PERSON TO GIVE TO ANOTHER because the whole business make up of the company was a lie. That is a ponzi scheme. If assets didn't exist, the Namvar's wouldn't be called all these names and so many claims to be made that money was hidden. The most obvious, where the hell does the trustee get money to pay himself and his team $800,000 EACH MONTH????!!!!!!
ACCOUNTABILITY HAS BEEN TAKEN AND YOU HAVE SERIOUS ISSUES WITH RABBIS AND TEMPLES. maybe you should skip going to them.
YAH! YOU KEEP THINKING THAT WAY WHILE the trustee and the board of creditors all sit around and figure out what to do with the asset that are left over. They don't need to steal from behind the communities' back. They are doing it with legal justification and getting paid $800,000 per month (total $30 million) in legal fees. We all need to WAKE UP AND SMELL THE BULL SHIT. If the bankruptcy didn't happen and Namvar was able to work we would be much further along getting our money back than now. No One mentions how Ezri Namvar brought a plan 2 years ago put the assets in a public trust for all the creditors to own shares of. He even had a individual Trust to put up $300 million dollars to take to do this. He was willing the pay the trustee $10 million to leave BUT YOU KNOW WHAT HAPPENED? The trustee said he wanted $30 million SO THE PLAN FISSEL AWAY AND DIED. yeah, we should all be so lucky to be in bankruptcy. That's why two third's of the creditors were paid back before BANKRUPTCY and now the TRUSTEE IS SUING THOSE PEOPLE TO GET MONIES BACK THAT IS RIGHTFULLY THEIRS!!!!! WHO IS THIS BANKRUPTCY WORKING FOR? NOT THE CREDITORS! THANKS MR. ASSIL AND FRIENDS. I DEFINITELY BLAME HIM. HE WAS NOT CONNED! HE KNEW EXACTLY WHAT HE WAS DOING. HE EVEN SAID SO IN FRONT OF 400 PEOPLE AT A MOST CREDITOR'S MEETING. I DON'T CARE ABOUT THE MONEY!!!
Are you saying that paying the creditors is a lie sir. What about the the monies that had to be returned so that the government can do it their way, is that a lie. Is it fair to take back what belongs to the people that have been paid, and pay amateur lawyers to sit around and waste time and get big paychecks? And who is the cause of the money that had to be returned sir. I think the answer is one individual who has big issues with anger and mistrust. One sees others as themselves. All deceitful people see others as deceitful, and they don't trust.
This is why we are here sir , the key word is TRUST. IF YOU TRUST SOMEONE WITH YOUR MONEY, YOU SHOULD TRUST THAT THEY WILL RETURN IT TO YOU AS WELL. If you mistrust and are suspicious of someones word and business dealings, do not give them your money. Everyone makes a choice, and must take responsibility for their choices. No one should loose money. One dollar lost is too much. But we must understand that after these couple of years since the downfall of the economy, people would have been paid by now if a few foolish people would have not interfered and caused this distruction.
WELL SAID. People panic where there is confusion. They take extreme measures for forcing INVOLUNTARY BANKRUPTCY. BUT THEY NEVER BLAME THEMSELVES FOR NOT GIVING ENOUGH TIME TO GET THEIR MONEY BACK. EVERY PERSON WHO EVERY WORKED WITH NAMVAR ALSO BENEFITED EMMENSELY! THEY MADE MONEY on his returns and they loved him for it. But when the shit hits the fan, IT'S NOT THEIR FAULT, he is a crook and IT'S A FUCKING PONZI SCHEME. SURE! HIS PONZI SCHEME PAID BACK $280 MILLION DOLLARS TO CREDITORS BEFORE THE FORCED BANKRUPTCY! It's such a PONZI SCHEME that the trustee and all their team can get paid $800,000 each month for work they are "SUPPOSEDLY" DOING. FROM WHAT MONEY OR WHAT ASSETS? THE ONES THEY CLAIM THEY CAN'T DELEGATE TO THE CREDITORS THEY OWE TOO OR WORK FOR? what is a scheme is the bunch of THEIVES RUNING THE SHOW AND THE LOSERS like Ebrahim Assil, Hahkahkah and Yousefian who are taking the stories and running with it ALL THE WAY TO THE BANK, TO NEWSPAPERS ETC. All with their own versians of what has happened.
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mr Assil was absolutely beekar in Israel and wondering the streets of Israel before he came to usa, he is no dishonest and money hunger that most of his immediate family like brother and nephews can not stand him go to hell assil, in the end you will be punished, just wait
i agree with Thehourglass24 , Mr. Maddaus; is an amateur and dishonest person, you are qualified to be a writer, FUCK YOU YOU PIECE OF SHIT
abraham assil is the sleaziest man around and the most hated in the persian community. he even says "the namvar's would prostitute their wives and children to make money"... what kind of decent human being would say this? especially someone who has a wife and kids of their own. assil you'll get it coming...just wait and see.
Dear Mr. Maddaus;
When you ask a teenager just finishing high school, what do you want to do in the future, someone with decency would respond, I want to do what I love, but I want to help people while I am doing it and make a difference. A journalist chooses to have this profession to have a voice to tell it as it is, with honesty and clarity. A journlist talks for the people that do not have a voice or are being unjustly treated, blamed or judged, and has the power to make a difference in a positive way and earn his title and recognition, a title that comes with the great privilege and freedom to write and tell a story that is the TRUTH and nothing but the truth. By doing so, he can help and clarify what the readers or the community do not know and make a difference. Just as a doctor makes a difference when he saves a life, or a therapist when he helps an emotionally distressed get back to having a normal and happy life, or a teacher by being a big part of a child’s future, by teaching and giving a child love and confidence. These are all professions that can make a huge difference in people’s lives.
A journalist almost has the power of G-d, because G-d does not judge or take sides. God treats all his beings with fairness, as does a professional journalist, who has been given this power, as he writes, to write fairly and in an unbiased manner. ONCE A JOURNALIST ABUSES THE POWER HE IS GIVEN, HE HAS FAILED HIS RESPONSIBILITY AS THE MESSENGER OF TRUTH, AND DOES NOT DESERVE TO HAVE THIS PRIVILEDGE. That journalist is proven to be bad at what he does, because his work is pointless and false. Shakespere said “nothing can come of nothing”. And by writing with no conscience or substance, you have introduced nothing with your article.
As you begin your article with its purposely catching and misleading title, “Ezri Namvar is the New Bernie Madoff and the Most Reviled Man in Town”, it is evident that you have abused your power and misused your position and your privilege as a writer. It shows that you are neither informed nor clear as to what the case is for Ezri Namvar. You are either very naïve and foolish, extremely bad at what you do, or have been bribed with money and brainwashed by a certain man’s deceitful and dangerously false charm that got us all here in this mess in the first place. Shakespere said “He is mad that trusts in the tameless of a wolf”. The wolf sir is Mr. Assil himself, one of the individual’s that you have chosen to interview and quote in your article.
Dear Mr. Maddaus, Ezri Namvar had worked very hard and achieved great success. With his reputation of 30 years, and his many business dealings and relationships, he earned people’s trust and good faith. Mr. Namvar was and still is admired by many who know him personally, and has had a big hand in their road to success. But unfortunately, with any kind of success and exposure, comes envy, jealousy, and unfunded hatred. As a result, some individuals of whom are not even creditors has made their life mission to ruin Mr. Namvar’s life by first forcing him into Bankruptcy, and then spreading rumors none of which has been proven as of this date. Dear sir, you cannot cheat your way into making a reputable company and earning the good faith of people. Reputation is EARNED by years of business practices with real people and reputable companies. I suggest, next time you think twice before you attempt to tarnish someone’s name and reputation and quote some professor who knows nothing about Mr. Namvar and his case.
In our community many families know each other not just from 5 or 10 years ago. They have knowledge of the characteristic of their acquaintances that go back to maybe 50 to 100 years of watching the family do business in the community, their treatment of their families and relatives and what kind of reputation they have earned by the values they lived by. I like to inform you that I am acquainted both with Mr. Namvar and his family as I am with Mr. Assil and his family and all his extended relatives. In fact my family knows Mr. Assil and his family background from 70 years ago. Here is a man that is great at charming and influencing, to get his agenda on track and he is one with no conscience when it comes to money, power, relations, or family. That is evident in how many people, including many of his close relatives continue to speak ill of this man’s values and behavior. He has managed to cheat, lie and deceit many in his business dealings even his own family members that have resulted in many lawsuits being against him. He is a big talker, with no regard for anyone but himself, and quite self observed due to his issues and insecurities. As a result, his destructive character has managed to destroy a family, a business, and a community of people who believed and trusted in Mr. Namvars’ word and promise. I wonder if Mr. Assil mentioned to you that he knew Mr. Namvar for a great number of years and profited from doing business with him on many occasions, resulting in him becoming a rich individual.
Since the downfall of the economy 3 years ago, which has been compared to the recession of the 1920’s, many have been hurt, including many in our Jewish Persian community, completely unrelated to Mr. Namvar’s case. But they managed to keep their situation hidden, so they can still have pride in a community that unfortunately, picks most of their acquaintances and socializing buddies based on their pockets. Now lets go back to Ezri Namvar. When the economy collapsed in 2007, Ezri Namvar was still a very rich man. In fact, Ezri Namvar had more assets than liability. So that means his company was not bankrupt. So when panic started in the whole country, in regards to banks, going down one after another, so did in our Persian community. As it did, people lined up one after another, thinking that Mr. Namvar is bankrupt and might go into bankruptcy, and began asking for their money. Now if you have any notion of business sir, if all the customers of Bank of America (BOA) line up at their front door and say, “we want our money tomorrow”, although BOA has assets way over what people are asking for, they still need TIME to liquidate these assets in order to give people what they want. The keyword here sir is “TIME”.
And some time was given to Mr. Namvar by most of the individuals who trusted their money with him to begin with and believed and had faith in his word, that he would return their money as soon as he could liquidate. And Mr. Namvar did.
I wonder if Ezri Namvar is the “New Madoff”, how come he had paid two thirds of his creditors right until the time before he was forced into involuntary bankruptcy??? Did Bernie Madoff do the same sir? If Ezri Namvar is the “New Madoff”, how come he had enough assets necessary to liquidate and pay the remaining one third of the creditors waiting and send everyone home happy??? I never read anything about Mr. Madoff paying off his creditors. In fact I read that there was no trace of the money that was given to Bernie Madoff. Since you describe and compare Ezri Namvar to Mr. Madoff, please give me facts and proof, “WHERE DOES IT SAY THAT MR. BERNIE MADOFF PAID AND RETURNED MONEY TO TWO THIRDS OF HIS CREDITORS? IF MR. NAMVAR IS A “CROOK”, AS QUOTED BY YOUR PROFESSOR, WHY DID HE OFFER TO PAY HIS CREDITORS AND ASK THEM TO WAIT? DO CROOKS OFFER TO PAY THEIR CREDITORS? I ALWAYS THOUGHT THAT CROOKS HIDE OR RUN AWAY FROM THE COUNTRY? IF MR. NAMVAR HAS MONEY HIDDEN IN TURKEY, WHY DID HE OPEN ITS DOORS AND HIS FILES AND RECORDS, AND BROUGHT NUMBER OF INDIVIDUALS INCLUDING MR. ASSIL TO DISTRIBUTE, LIQUIDATE, AND HELP THE CREDITORS THAT WERE WAITING TO GET PAID? DON’T “CROOKS” HAVE THINGS TO HIDE? DOES A “CROOK” INVITE AND ALLOW OTHERS TO LOOK THRU THEIR FILES WILLINGLY AND WITH CLASS? I GUESS YOU WOULDN’T KNOW MUCH ABOUT CLASS WOULD YOU?
I suggest you write a public apology letter first to the subject of this letter, Mr. Ezri Namvar and to the creditors that have been used as puppets with insensitivity of words and biased information and have been deceived by the likes of amateur reporters like yourself. Who it seems have been fired from 3 different newspapers within the last 3 years.
It is shameful to see a writer, who is born and educated in America, to have such corrupt work ethics, as to not even care what his misleading article will do to a wounded businessman and a wounded community, whom have not only lost their money, but their faith and trust. A community who is tired of waiting, and is desperate for results that they knew they would have had, if a few destructive people had not interfered, to postpone, destroy and bring millions of dollars of assets to ashes, because of their suspicious mentality, issues of jealousy, personal vendetta, and let us not forget ENVY.
Today sir, you have failed greatly as a human being and a responsible citizen to set the record straight. You have naively been tamed and influenced by con artists like Mr. Assil and his associates, over a cup of coffee and some sweet talk at a fancy hotel. You sir do not deserve and must not be given the right to be a writer. You do not fall into the category of decent people who choose a profession to make a difference. You have abused your position and chosen to write a viciously misleading piece, by ONLY inserting what can purposely mislead, destroy, and provoke your readers. I am guessing that you are afraid to once again go looking for a new job. You have diminished the title of a journalist and fall in the category of the same people who work for the gossip magazines and go to any lengths to bring a paycheck home. SHAME ON YOU AND YOUR ETHINCS.
I AM ASHAMED TO BE CALLED AN AMERICAN CITIZEN, IF YOU ARE AN EXAMPLE OF WHAT AN AMERICAN CITIZEN VALUES AND LIVES BY. SHAME ON YOU MR. GENE MADDAUS. YOU SHOULD BE DISQUALIFIED AS A WRITER AND FIRED BY YOUR SUPERIOR, AND AS A RESPONSIBLE CITIZEN AND READER OF YOUR MOST UNSKILLFUL WORK, I WILL MAKE SURE THAT YOUR SUPERIOR WILL KNOW ABOUT YOUR WORK ETHICS AND PRACTICES SIR.
If you are so ashamed to be an American citizen, why not go back to Iran? Seems like the logical solution.
7.25%? Reminds me of the old saying if it looks to good to be true, it probably is... Greed makes people do dumb things, both the man who stole 300 million from his community and those who invested in a scheme like this after the Bernie Madoff ponzi debacle. Look before you leap and when you leap take a temperature reading often with these private investor groups. We all learned something... again.
It is too bad that all of you dirty jews were not on that island in Norway. The world would be much better without all of you thieving lying bastards.
"When I came to this country, I had a lot of respect for the government," a man shouts. "My respect is zero now. It is no different than Iran or Iraq!"...
The problem is not the government. The problem is that the people REFUSE to take action against a corrupt government. Until the government is forced to FEAR doing wrong, they will continue to do wrong.
I paid $32.67 for a XBOX 360 and my mom got a 17 inch Sony laptop for $94.83 being delivered to our house tomorrow by FedEX. I will never again pay expensive retail prices at stores. I even sold a 46 inch HDTV to my boss for $650 and it only cost me $51.78 to get. Here is the website we using to get all this stuff, MetaCent.com
I paid $32.67 for a XBOX 360 and my mom got a 17 inch Toshiba laptop for $94.83 being delivered to our house tomorrow by FedEX. I will never again pay expensive retail prices at stores. I even sold a 46 inch HDTV to my boss for $650 and it only cost me $52.78 to get. Here is the website we using to get all this stuff, MetaCent .com
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