Irvine Man Is Arrested After Ponzi Conviction
An Irvine businessman was arrested on suspicion of felony grand theft and state income tax evasion after failing to meet the conditions of his plea agreement, the California Franchise Tax Board said.
Dianoush D. Emami, 46, pleaded guilty in January to six counts of grand theft and two counts of filing a false state income tax return in connection with a Ponzi scheme that took in $12.5 million from investors. Under a deal to limit his jail time to nine months, Emami was supposed to make restitution, including $200,000 in back taxes.
Emami was being held in the Orange County Jail in Santa Ana, said Holly McDonell, a tax board spokeswoman. Bail had not been set.
Kathy M. Kristof