Homayoon Daneshvar, 63, a resident of Washington, D.C., was sentenced Friday to 18 months in prison for charges related to a $1.9 million investment fraud scheme.
Danshevar was also ordered to serve three years of supervised release, forfeit $1.945 million, and pay $926,020 in restitution.
Daneshvar pleaded guilty on Oct. 24, 2016. According to court documents, from in or about April 2009 to January 2013, Daneshvar lied and made false promises to eight victim investors to persuade them to give him approximately $1.9 million. Daneshvar told the victim investors the money would be used for bridge financing to purchase foreclosed property that would be “flipped,” or quickly resold for profit. Daneshvar promised a monthly return on their investments, but in reality Daneshvar used the money to invest in the stock market, pay “returns” on the investments back to the investors, and to pay for his own personal expenses.