"The U.S. Department of Justice on Thursday announced charges against two real estate executives accused, in two unrelated cases, of misappropriating millions of dollars in state funds allocated to combat homelessness. Prosecutors charged Steven Taylor, 44, with seven counts of bank fraud, one count of aggravated identity theft, and one count of money laundering related to a property in Cheviot Hills that he bought and then sold to the nonprofit housing developer Weingart Center Assn. using funding from the state's Homekey initiative."
"Taylor is accused of lying to the lender funding his purchase of the Cheviot Hills property, saying that he intended to renovate and use the property himself. Taylor had already contracted to sell the property, which he originally bought for $11.2 million allegedly using fake bank statements to get financing, to Weingart for $27.3 million using state and city funds, prosecutors said. The U.S. Attorney said this involved a double-escrow transaction that was hidden from the lender and others."
Federal prosecutors charged two real estate executives with misappropriating state Homekey funds intended for homeless housing. Steven Taylor, 44, allegedly used fake bank statements to secure financing to buy a Cheviot Hills property for $11.2 million and secretly contracted to sell it to Weingart Center Assn. for $27.3 million using state and city funds. Taylor faces counts of bank fraud, aggravated identity theft, and money laundering tied to an alleged concealed double-escrow and false statements to a lender. In an unrelated case, Cody Holmes, 31, former CFO of Shangri-La, was arrested after prosecutors say over $2 million in grant funds were spent at luxury retailers and transferred to personal accounts related to a $25.9 million Homekey project in Thousand Oaks.
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