Investigators of HOA corruption in Las Vegas have scored another bit hit. They have indicted a Bevery Hills man for felony embezzlement and theft. The indicment accuses Massoud Aaron Yashouafar of stealing more than a million dollars from the Paradise Spa Homeowners Association. Yashouafar was the treasurer of the HOA.
In the past two years, two fires have erupted in the complex in Las Vegas. Insurance companies gave Yashouafar up to a million dollars to repair the damage. But owners of units in the complex say they never received any insurance money, and to this day Paradise spa is marred by the two fires.
Yashouafar has been the subject of criticism in previous months. Members of the Nevada State Legislature says Paradisa Spa was an example where a single property owner bought up more than half of the condo units, and then suddenly stopped paying HOA dues on any of his properties. His actions crashed the value of all the remaining units because no money was available for maintenance or payment of utilities. As utilities were shut off, homeowners faced foreclosure and bankruptcy.
Yashouafar’s attorney says his client will plead not guilty in the case.
Mr. Ward, maybe you can help me. My boyfriend’s Paradise Spa condo burned down in May 2015, along with 11 other units. My boyfriend had done extensive remodeling to his unit -marble, travertine, etc. He wanted the unit rebuilt with the insurance money and his insurance company paid the HOA more money due to the upgrades to his unit. The HOA president kept giving him excuses on why the work wasn’t being started. Since he found out in late February he had a cancerous tumor that was growing around his major artery, he was dealing with that, too, so his full concentration couldn’t be on the condo. He went to every HOA meeting and kept up with his dues. After his operation, when he was constantly on them about them building his condo, it finally came out that the president of the HOA decided he wanted to sell that area and use the insurance money to buy Aaron Yashouafar’s units back from the bank. At no point did Rick agree to this and he kept telling them to rebuild his unit. The HoA president even told him at one point that he had used all of the insurance money on getting permits to rebuild! Rick’s insurance company has rented him a house for a year but that was up last May. Since then he has been living in his RV. He has talked to lawyers but the want money that he doesn’t have to take the case. He has diabetes and this whole thing has him sick and depressed. He has been in and out of the hospital because he can’t stop vomiting some days from the stress. He doesn’t have a home because he still can’t get the HOA president to do anything. Even his insurance company was in shock that they haven’t rebuilt his place yet. They gave him the name of a lawyer but he wants money up front. The condo’s lost most of their value due to Yashouafar’s actions anyway so he has nothing. I don’t know where to turn. Can you please point us in the right direction or give us some advice. Please, this is really killing him. Thank you for any advice you can offer.
Can any of our experts give Lisa some advice?
This may be a long shot but I would give it a try. Contact the district attorney’s office. If I am understanding Lisa correctly the condo burned. The insurance company paid the claim with a check payable to the HOA. The board president deposited the check and the rest is all unknown because the condo is not being rebuilt. Sounds like white collar crime to me. I would file a claim with the DA’s office.
Are there any other condo owners who are stuck with no place to live? Are they in the same situation as Rick? If so, I would encourage the entire group of them to contact the DA’s office. I would also contact the attorney general of the state. Rick could have some protection under the consumer protection laws because he is at the mercy of the board to rebuild his condo. He has no control, no say, nothing. You might also try contacting the state representative and senator for the area of the condo’s location.
Why is the city not stepping in? If they issued permits there should be some time limitation on how long they are going to allow for the rebuild.
Last but not least, I would be contacting the media. Exposure is one of the best ways to get the attention of the right people.
Good Luck! All the best to Rick. Sadly, I understand all too well how HOA Hell can destroy your health!