A Southern California man was convicted of embezzling over $2.2 million in money and property from an elderly victim.
Jamal Nathan Dawood, 54, a.k.a. “Jimmy Dawood,” of Burbank, was found guilty of wire fraud and money laundering on July 31, according to the U.S. Attorney’s Office.
The elderly victim had inherited real estate properties and retirement savings from a brother who had passed away. In 2019, Dawood offered to help the victim manage his inheritance, convincing him to open a trust account to manage the funds, prosecutors said.
Without the victim’s knowledge, Dawood began transferring money from the new account to people he had personal or business relationships with.
He later convinced the victim to transfer ownership of his home and his late brother’s real estate holdings to third-party companies that were actually controlled by Dawood or people he knew.
“Dawood falsely represented that the victim would retain an ownership interest in his residence and the inherited real estate through these companies,” court documents said.
Through this scheme, Dawood obtained at least $2,202,688 in the victim’s money and property. He then used the stolen funds to purchase real estate in La Crescenta and Fontana.
Following a seven-day trial, Dawood was found guilty of six counts of wire fraud and nine counts of money laundering.
A sentencing hearing is scheduled on Dec. 8. Dawood faces up to 20 years in prison for each wire fraud count and up to 10 years in prison for each money laundering count.
Anyone over 60 years old who may have been a victim of financial fraud can seek help by calling the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311).
“This Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps,” federal officials said. “Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses.”