A 54-year-old man was convicted Thursday of embezzling approximately $2.2 million from an estate left to an elderly victim by the victim’s late brother.
Jamal Nathan Dawood of Burbank, also known as Jimmy Dawood, assisted the victim in opening a trust account at a bank to manage the retirement savings, according to the U.S. Department of Justice.
According to evidence presented at the seven-day trial, during the second half of 2019, Dawood helped the victim open a trust account at a bank for the purpose of managing the retirement savings.
Without the victim’s knowledge or authorization, he later initiated wire and online banking transfers from the trust account to an account he controlled, as well as to individuals with whom he had personal and business relationships.
According to the Department of Justice, Dawood had at one point during their partnership convinced the victim to transfer ownership of his home and his late brother’s real estate holding to multiple business companies.
“Dawood falsely represented that the victim would retain an ownership interest in his residence and the inherited real estate through these companies. In fact, Dawood and other individuals close to him controlled these companies,” according to a statement from the Department of Justice.
Dawood misappropriated at least $2,202,688 of the victim’s money and property, using the funds to unlawfully purchase real estate in La Crescenta and Fontana.
Dawood was convicted of six counts of wire fraud and nine counts of money laundering, according to the U.S. Department of Justice.
Dawood is scheduled to appear in court on Dec. 8 before U.S. District Judge James V. Selna for a sentencing hearing. He faces a maximum sentence of 20 years in federal prison for each count of wire fraud and up to 10 years for each count of money laundering.