Man indicted for embezzling from Paradise Spa HOA

Man indicted for embezzling from Paradise Spa HOA

By Molly Waldron. CREATED Dec 19, 2011

Las Vegas, NV (KTNV) -- The former treasurer of the Paradise Spa Home Owners Association has been indicted on charges of theft and embezzlement.

A Clark County Grand Jury returned a six-count indictment against 50-year-old Massoud Yashouafar for allegedly defrauding the HOA for more then $1 million.

Yashouafar was serving as the treasurer for the HOA board of directors when he received insurance checks for two fires, one in 2009 and one in 2010. Instead of using the checks to pay for fire damage repairs, Yashouafar allegedly put the money in an out-of-state bank account with his name on it.

Because the fire-damaged units weren't repaired, residents had to find other places to live while still paying mortgage at Paradise Spa.

Yashouafar is also accused of wiring about $250,000 out of a Paradise Spa account into an out-of-state account.

He's set to appear in court on January 4.