A San Fernando Valley resident was convicted by a federal jury for embezzling approximately $2.2 million from an estate left to an elderly victim by the victim’s late brother.
Jamal Nathan Dawood, also known as “Jimmy Dawood,” age 54 of Burbank, was found guilty on six counts of wire fraud and nine counts of money laundering. The verdict followed a seven-day trial in Santa Ana.
Evidence presented at trial showed that in the latter half of 2019, Dawood offered to help the victim manage real estate properties and retirement savings inherited from the victim’s deceased brother. Dawood assisted with opening a trust account at a bank intended for managing these assets.
Without authorization or knowledge of the victim, Dawood initiated wire and online banking transfers from the trust account to accounts he controlled. He also transferred funds to individuals with whom he had personal and business relationships, again without the victim’s permission.
Dawood persuaded the victim to transfer ownership of his home and other inherited real estate holdings to various companies. He misrepresented that the victim would retain an ownership interest through these entities; however, Dawood and associates controlled them.
In total, Dawood obtained at least $2,202,688 belonging to the victim. These funds were used for purchasing real estate in La Crescenta and Fontana.
United States District Judge James V. Selna has scheduled sentencing for December 8. Dawood faces up to 20 years in federal prison for each count of wire fraud and up to 10 years per count of money laundering.
The FBI conducted the investigation into this case.
Assistant United States Attorneys Kristin N. Spencer and Melissa S. Rabbani from the Orange County Office are prosecuting.
“If you or someone you know is age 60 or older and has been a victim of financial fraud, help is available at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is staffed seven days a week from 3 a.m. to 8 p.m. Pacific Time. English, Spanish, and other languages are available.”
Further details about efforts against elder fraud can be found at www.justice.gov/elderjustice.
