BUST OUT SCHEME. EDMOND MASJEDI. WTF
In 2002 and 2003, APG issued several releases informing members of reported undesirable business practices for several subject companies: Tsunami Enterprises Corporation of Denver, Colorado; DT&M Corporation of Beverly Hills, California; and Surfside Industries, Inc., dba Channel Island Circuits, of Goleta, California. Edmond Masjedi (35, of Beverly Hills), Touraj Benshian (38, of Los Angeles), and Mohammad Majidi (42, of Los Angeles) plead guilty to fraud and money laundering charges in related cases.
AND LOOKS LIKE HE FILED FOR BANKRUPTCY
Edmond Eddie Masjedi
Case:
2:11-bk-12321-VZ
CH:
7
Filed:
January 18, 2011
Discharged:
May 23, 2011
Address:
1042 Berkeley Dr Marina Del Rey, CA 90292
LOOKS LIKE OUR CEO GETS IN ON THE FUN TOO
Plaintiff and appellant Suzy Frank Gerbasi knew Ian Mitchell for almost 20 years.1 Mitchell worked for defendant and respondent PHH Home Loans, LLC, dba First Capital (First Capital). Gerbasi, who deals in real estate, frequently referred her clients to Mitchell and First Capital to obtain loans for their real estate purchases.
In June 2008, Mitchell contacted Gerbasi and urged her to make a three-month term loan in the principal amount of $270,000 to his "friend," Shannon Masjedi. Mitchell told Gerbasi that the money was for Masjedi to invest in a business in Florida and that Gerbasi would receive interest payments in addition to repayment of the principal. Gerbasi agreed to make the loan and delivered $270,000 to Mitchell, who prepared a promissory note.
In around late June, Gerbasi was given a promissory note secured by deed of trust (the note) in the amount of $270,000, which called for monthly interest-only payments in the amount of $2,700, beginning on June 30, 2008, until the principal sum became due on September 30, 2008. The interest on the loan was 24 percent, the note was signed by both Masjedi and Mitchell as borrowers receiving the proceeds of the loan, and the note stated that First Capital was paid $8,700.65 in commission as the brokerage arranging the loan. Gerbasi had not been advised by Mitchell that he would be a borrower. She also had not been told that the interest rate for the loan would be usurious, or that First Capital would receive a commission.
In early July, Gerbasi received a Housing and Urban Development statement and, for the first time, discovered that the $270,000 loaned to Masjedi was not for business use, but was instead paid to an entity called Mam Wealth Management Real Estate Fund I, L.P. (Mam Wealth) to resolve a debt owed by Masjedi. According to the complaint, "Mitchell lied about the use of the money, failed to disclose himself as a borrower on the Note, did not advise plaintiff about the usurious interest rate and fabricated statements about Masjedi's honesty." Gerbasi received only one payment against the note in the amount of $2,700, after the initial check was returned and marked "NSF." Mitchell and Masjedi both filed for bankruptcy.
