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Park Fifth Investor Not Very Popular in Beverly Hills

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The Los Angeles Business Journal profiles the very shady-sounding Ezri Namvar, a Brentwood businessman who has failed to repay investors (most are Beverly Hills' Persian Jews, and the lawsuits allege investments between $200,000-$18 million). Notably, Nomvar is the guy currently trying to sell his stake in downtown condo project Park Fifth, but he also backed the failed Security Pacific Bank, as well as numerous Arizona properties. About 300-400 investors are owed money by Namvar; some of the investors may have been older residents "who are much older and also not as familiar with sophisticated investing," according to one lawyer involved in the matter. In June 2006, Park Fifth developer David Houk brought on Namvar as a partner. At this point, Houk says that he is trying to buy back Namvar's and Africa Israel Investments Ltd.'s shares in the company, and that he doesn't want to sell the project. Via the LABJ: "Houk acknowledged that it is even possible the entire Park Fifth project could be sold, but that’s something he wants to avoid. 'I don’t want to sell, I’d like to stay and finish what I’ve spent the last 30 years working on,' he said." Meanwhile, there's this great visual regarding all those angry investors: "..on more than one occasion, sources said, Namvar has been threatened by irate investors who’ve stormed his Namco offices at Wilshire Bundy Plaza."
· Busted Ventures Rock Persian Jewish Community [LABJ]