Hooshang Noori, a loan broker who operated Finance for Americans, Corp, doing business as Pacific Realty, Lake Forest, California, was indicted on one count of wire fraud in the Central District of California.
According to the indictment, Noori submitted loan applications to Lone Oak Fund LLC, on behalf of his purported client M.G. and M.G.’s company, Noble Investments, LLC, to borrow $4 million for the purpose of buying commercial property in Los Angeles, California to be secured by a first deed of trust on a residence owned by M.G. Noori, or a co-scheme, purporting to be M.G., directed the escrow company to distribute the loan funds to Noori’s company. After escrow company representatives informed Noori that the funds could only be distributed to Noble Investments, Noori registered “Noble Investments LLC” in Delaware and opened an account in the company’s name which he solely controlled. Escrow was then directed to distribute loan funds to this account.
The funds were used to purchase a Mercedes Benz, pay off the lien on Noori’s residence, pay business expenses, among other things, and $3.6 million of the funds were transferred to a Emirates NBD bank account in the name of Four Directions Electronics, LLC.