A federal judge has tentatively denied motions for an acquittal and a new trial for Ezri Namvar, the Brentwood real estate investor found guilty in May of federal wire fraud charges.
Namvar’s attorneys argued at a hearing on Monday that he had not received a fair trial, citing alleged misconduct by prosecutors and the exclusion of defense evidence exhibits from the jury room during deliberations. Judge Percy Anderson is expected to issue a written final ruling in the coming days following his tentative denials.
The judge also indicated he will move the sentencing date from Sept. 26 to Oct. 11.
The result of the hearing appears to set up a fight in appeals court that could drag on for many months. Namvar’s attorney, Marc Harris, told the Business Journal that he plans to file an appeal shortly after the sentencing.
“We’re disappointed,” he said. “We believe that the numerous errors and government misconduct that occurred during the trial certainly warranted at least a new trial, and if the court does deny the motions, we’re confident of our chances of having that ruling reversed in the Ninth Circuit.”
Namvar’s $2.5 billion real estate portfolio collapsed in 2008 amidst allegations of a Ponzi scheme. Namvar’s family emigrated from Iran after the 1979 revolution, and he solicited investments from hundreds of members of the Iranian Jewish community in and around Beverly Hills.
He and Hamid Tabatabai, an officer at several Namvar companies, were found guilty of stealing $21 million from four clients who had given money to Namvar’s Namco Financial Exchange company to facilitate a 1031 exchange, a transaction in which property sellers defer paying taxes by leaving the proceeds with an intermediary until another property is found to buy.
Namvar and his primary investment vehicle, Namco Capital Group, also are involved in a separate civil bankruptcy proceeding that is ongoing.