SANTA ANA, California
A San Fernando Valley man was convicted by a federal jury Thursday for embezzling more than $2.2 million in cash and property left to an elderly victim by his late brother, officials stated.
Jamal Nathan Dawood, 54, also known as “Jimmy Dawood,” of Burbank, was found guilty of six counts of wire fraud and nine counts of money laundering.
During a seven-day trial, prosecutors stated that in 2019, Dawood offered to help the victim manage real estate and retirement savings inherited from the victim’s deceased brother.
Dawood helped the victim open a trust account at a bank, purportedly to handle the inherited assets.
But instead of safeguarding the funds, Dawood siphoned money from the trust account through unauthorized wire and online transfers to accounts he controlled. He also funneled money to individuals with whom he had personal or business ties—again, without the victim’s knowledge or consent.
Dawood further manipulated the victim into transferring ownership of his home and other inherited real estate to shell companies. He falsely claimed the victim would retain ownership stakes through these entities, which were, in reality, controlled by Dawood and his associates.
In total, Dawood embezzled $2.2 million using the stolen money to purchase properties in La Crescenta and Fontana.
U.S. District Judge James V. Selna has scheduled Dawood’s sentencing for Dec. 8, where he faces a maximum of 20 years in federal prison for each wire fraud count and up to 10 years for each money laundering charge.
The case was investigated by the FBI and prosecuted by Assistant U.S. Attorneys Kristin N. Spencer and Melissa S. Rabbani of the Orange County Office.
If you or someone you know is age 60 or older and has been a victim of financial fraud, call the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311). Help is available.