A Burbank resident has been convicted by a federal jury of embezzling approximately $2.2 million from an elderly victim’s inheritance, according to the U.S. Attorney’s Office for the Central District of California.
Jamal Nathan Dawood, 54, also known as “Jimmy Dawood,” was found guilty of six counts of wire fraud and nine counts of money laundering. The verdict follows a seven-day trial in Santa Ana.
Evidence presented at trial showed that during the latter half of 2019, Dawood offered to help the victim manage real estate and retirement assets inherited from the victim’s late brother. He assisted in opening a trust account meant for managing these funds but then initiated unauthorized transfers from this account into accounts he controlled. Additionally, Dawood transferred funds to people with whom he had personal and business relationships without informing or obtaining permission from the victim.
Dawood persuaded the victim to transfer ownership of his home and inherited real estate holdings into various companies. He falsely assured the victim that an ownership interest would be retained through these entities; however, Dawood and associates controlled them.
In total, authorities determined that at least $2,202,688 was fraudulently obtained by Dawood. The funds were used to purchase real estate properties in La Crescenta and Fontana.
United States District Judge James V. Selna has scheduled sentencing for December 8. At that time, Dawood faces up to 20 years in federal prison on each wire fraud count and up to 10 years on each money laundering count.
The FBI conducted the investigation leading to these charges. Assistant United States Attorneys Kristin N. Spencer and Melissa S. Rabbani are prosecuting the case.
For individuals aged 60 or older who have experienced financial fraud, assistance is available through the National Elder Fraud Hotline (1-833-FRAUD-11). This service provides support including needs assessment, referrals, and direct connection with appropriate agencies in multiple languages seven days a week between 3 a.m. and 8 p.m., Pacific Time.
More information about efforts against elder fraud can be found on the Department of Justice’s Elder Fraud Initiative website: https://www.justice.gov/elderjustice.
