MDBX - Did P. Vincent Mehdizadeh commit bankruptcy fraud?
"SIRF examined Sniperella's financial records as part of this investigation and it appears Mehdizadeh and Sniperella are effectively one in the same: Mehdizadeh wrote and cashed checks within the account, wired money in and out of it, and paid bills on behalf of his father and girlfriend.
To that end, the defining feature of Sniperella’s brief economic life is the sheer velocity of activity in its checking account: Based on SIRF’s analysis, the account had just over $2.97 million worth of deposits and withdrawals from March 2009 to July 2010. (About $148,000 of the account’s activity occurred in 2010.)
There was over $42,000 spent on five weekend trips to Las Vegas (this includes cash withdrawals from Vegas banks), $9,342 for auto maintenance and payments, $6,400 in legal fees and expenses, $4,581 at Ticketmaster for unspecified tickets, and over $24,400 in payments made for his girlfriend’s Discover card. Thousands of additional dollars were spent on high-end clothing stores, trendy Los Angeles area restaurants and clubs and travel around the California coast.
More importantly, Sniperella provided Mehdizadeh with a veritable river of cash. In 2009, he withdrew over $160,000 from various Los Angeles and Las Vegas Bank of America branches, and that December alone he cashed checks for $43,000. Additionally, over the life of the account, he withdrew more than $26,000 from ATMs.
The last activity for the Sniperella account was on July 12, 2010: a $20 payment to the California Secretary of State and a $26 payment to the Apple iTunes store.
Though there were numerous checks written, the payee was not designated in the financial records SIRF examined, so determining in which businesses (if any) Sniperella was making investments was not possible.
Of particular note was the activity between November 10 and December 10, 2009 when a $300,000 online transfer was made to Sniperella from another account. Between November 17 and 24, $42,000 was withdrawn from Sniperella, and over the course of this period, more than $158,000 was transferred back to the account, with $100,000 remaining with Sniperella.
Mehdizadeh filed his bankruptcy petition July 14, 2010 listing $9,500 in assets, an income of $3,800 monthly and declaring that his 2009 income was $90,000 from “consulting.”"
Brilliant. The hit piece author's source signs a notarized document that everything in the story is bogus. I give it 5 days before Boyd is sued and the story is taken down. Reeks of desperation. Hilarious!
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