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L.A. developers accused of stealing millions in affordable-housing scheme

L.A. developers accused of stealing millions in affordable-housing scheme

Two executives at a Los Angeles-based real estate development company and two of their employees have been indicted on charges they defrauded government agencies of millions of dollars in funds for housing low-income families.

The 67-page federal grand jury indictment says Salim Karimi and three others at Advanced Development and Investment Inc. engaged in a conspiracy to fraudulently obtain more than $50 million in loan proceeds for affordable housing projects in Chinatown, Glendale and elsewhere.

As part of the scheme, Karimi and others submitted fraudulent invoices that...

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