A Huntington Beach man Monday pleaded guilty and was immediately sentenced today to 13 years in prison for embezzling about $2 million from customers buying and selling luxury cars from his Costa Mesa dealership.
Farhad Ebadat, 39, who was owner and operator of Bellagio Motors from 2009 to 2012, ripped off customers by telling them he would sell their high-end vehicles such as Rolls Royces and Lamborghinis on consignment, pay the owners and then transfer the car titles to the buyers, according to prosecutors.
Ebadat would sell cars worth $25,00 to $225,000 on consignment and pocket the payments, prosecutors said. Some victims paid for the high-end vehicles but weren’t able to get legal car titles because the owners had not been paid, prosecutors said.
Ebadat, who has been in custody since Dec. 6, 2012, pleaded guilty to 16 counts of embezzlement by fiduciary of trust, 13 counts of money laundering and 11 counts of grand theft by false pretenses, all felonies.
Ebadat also admitted sentencing enhancements and allegations for aggravated white collar crime exceeding $500,000 and $1.3 million.
Ebadat was ordered to pay about $2 million in restitution, according to the Orange County District Attorney’s Office.
— City News Service