Man Gets 4 Years in Friars Club Swindle

A Woodland Hills man who stole from friends and fellow members of the Friars Club in a multimillion-dollar investment swindle was sentenced Tuesday to four years in prison, but remained free for now.

Joel Burakoff, 57, who in May admitted in Los Angeles County Superior Court that he stole from clients in a scheme that triggered the 1995 collapse of Gardena-based Univest Home Loan, still faces a federal inquiry of the scandal.

Superior Court Judge Terry A. Green stayed the sentence for 90 days. Burakoff, described by many of his victims as a dear, devoted friend, remained free on his own recognizance.

Prosecutors did not object. “He did the crime and now he’s going to do the time,” Deputy Dist. Atty. Thomas R. Wenke said.

Burakoff was convicted of persuading wealthy acquaintances to invest in Univest by promising them large returns on high-interest, inner-city real estate and business loans, but then failing to repay investors after the loans were paid off.

Many of the victims, some of whom lost $50,000 or more, were Burakoff’s friends or knew him through the Friars Club of Beverly Hills, where he had been on the board of directors.