D.C. Man Pleads Guilty to $1.9 Million Investment Fraud Scheme
ALEXANDRIA, Va. – Homayoon Daneshvar, 63, a resident of Washington, D.C., pleaded guilty today to charges related to a $1.9 million investment fraud scheme.
According to the statement of facts filed with the plea agreement, from in or about April 2009 to January 2013, Daneshvar lied and made false promises to eight victim investors to persuade them to give him approximately $1.9 million. Daneshvar told the victim investors the money would be used for bridge financing to purchase foreclosed property that would be “flipped,” or quickly resold for profit. Daneshvar promised a monthly return on their investments, but in reality Daneshvar used the money to invest in the stock market, pay “returns” on the investments back to the investors, and to pay for his own personal expenses.
Daneshvar will be sentenced on Feb. 10, 2017, and faces a maximum penalty of 20 years in prison for wire fraud. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory Sentencing Guidelines and other statutory factors.
Dana J. Boente, U.S. Attorney for the Eastern District of Virginia; and Paul M. Abbate, Assistant Director in Charge of the FBI’s Washington Field Office, made the announcement after the plea was accepted by U.S. District Judge Claude M. Hilton. Assistant U.S. Attorney Grace L. Hill is prosecuting the case.
A copy of this press release may be found on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:16-cr-231.