A Burbank man has been convicted on multiple charges for embezzling over $2 million from an elderly person, who was deceived into mismanaging an inherited estate.
Jamal Nathan Dawood, 54, known as "Jimmy Dawood," faced a jury recently and was found guilty on six counts of wire fraud, along with nine counts of money laundering, as reported by the U.S. Attorney’s Office; during the latter part of 2019, Dawood betrayed the victim’s trust after offering assistance to manage properties and retirement funds inherited from the victim's late brother, this betrayal lead to Dawood transferring home ownership and estate realties into companies he controlled without the elder's consent or knowledge.
During a seven-day trial, it was revealed how Dawood maneuvered funds from the victim's estate into his own accounts through wire and online banking transfers, under the guise of helping the victim. He went further to transfer real estate into various companies' names, claiming the victim would maintain an ownership stake, a statement that proved to be a falsehood as Dawood and his associates retained control.
The amount siphoned by Dawood totalled at least $2,202,688, with some of the funds being used to acquire properties in La Crescenta and Fontana, evidence presented in court demonstrated how Dawood's schemes left the victim deprived of their rightful inheritance, and the Judge has set December 8 for Dawood's sentencing where he could face up to 20 years for each wire fraud count and up to 10 years for each money laundering charge.
The case was investigated by the FBI with Assistant United States Attorneys Kristin N. Spencer and Melissa S. Rabbani leading the prosecution. For seniors who find themselves victims of financial fraud, the Department of Justice runs the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311), a service that provides support and resources for reporting such crimes.
