SANTA ANA, California –
A Burbank man was arraigned Monday on a federal grand jury indictment alleging he embezzled about $2.2 million from a sizable estate left to an elderly man by the man’s late brother, officials stated.
Jamal Nathan “Jimmy” Dawood, 52, is charged with six counts of wire fraud, nine counts of money laundering, and one count of aggravated identity theft.
At his arraignment in federal court in Santa Ana, Dawood plead not guilty to the charges against him.
His bond was set at $50,000. A June 6 trial date was scheduled.
According to the indictment, in 2019, Dawood offered to assist the victim with managing real estate properties and retirement savings that the victim had inherited from the victim’s deceased brother.
Specifically, Dawood allegedly helped the victim open a trust account at a bank to manage retirement savings.
Without the victim’s knowledge or authorization, Dawood then initiated wire and online banking transfers from the victim’s trust account to Dawood-controlled accounts, the indictment alleges.
Without the victim’s knowledge or permission, Dawood allegedly also wired money from the victim’s trust account to people with whom Dawood had personal and business relationships.
Dawood allegedly convinced the victim to transfer ownership of his home and his late brother’s real estate holdings to various companies.
Dawood falsely represented that the victim would retain an ownership interest in his residence and the inherited real estate through these companies.
Dawood and other individuals close to him controlled these companies, according to the indictment.
In total, Dawood allegedly fraudulently obtained at least $2.2 million in the victim’s money and property. The illicit funds were allegedly used to purchase real estate in La Crescenta and Fontana.
Dawood is presumed innocent unless proven guilty.
If convicted, Dawood faces up to 20 years in federal prison for each wire fraud count, up to 10 years in federal prison for each money laundering count, and a mandatory consecutive sentence of two years in federal prison for the aggravated identity theft count.
The FBI is investigating this matter.
Assistant United States Attorneys Kristin N. Spencer and Melissa S. Rabbani of the Santa Ana Branch Office are prosecuting this case.