California Attorney General Rob Bonta announced the unsealing of an indictment of Jeffrey H. Tamkin on 110 felony charges and three special allegations for allegedly operating a securities fraud scheme in Los Angeles. The fraud resulted in a loss of approximately $8 million from multiple victims, many of whom were elderly, between 2010 to 2020. A grand jury in Los Angeles County indicted Jeffrey Tamkin on counts of securities fraud, grand theft, elder theft, money laundering, fraudulent securities scheme, as well as aggravated white-collar enhancement. The indictment was the result of a multi-year investigation led by the California Department of Justice (DOJ). DOJ’s Special Prosecutions Section is prosecuting this case. Tamkin was arraigned on October 31, 2023.
“Those who steal from Californians to line their own pockets will be held accountable,” said Attorney General Bonta. “Today, a Los Angeles grand jury unsealed the indictment of Jeffrey Tamkin for engaging in an investment ponzi scheme that resulted in the loss of $8 million from multiple victims, many of whom were elderly. We encourage any potential victims of this scheme who have not yet come forward to contact us at oag.ca.gov/report. The California Department of Justice is committed to combatting financial fraud and white collar crime wherever it occurs.
Between 2010 and 2020, Tamkin ran the Tamkin Development Corporation (TDC) and the Public Facilities Investment Corporation (PFIC). He developed buildings for public agencies, and once developed, leased the buildings back to the agencies for a profit. He promised his investors high interest rates, provided them with investment memoranda and brochures, and personally guaranteed the investments, which many of his investors relied upon. The information provided to investors omitted many material facts needed by the investors to determine the security of their funds. For example, Mr. Tamkin used investors’ funds to pay for his personal expenses and lifestyle, failed to tell investors that TDC and PFIC were operating at a loss or were earning minimal revenue from 2010 to 2020, and that he was operating a Ponzi scheme by using the funds to pay off earlier investors. Indeed, only two municipal projects closed during the time of the investments. Mr. Tamkin’s actions led to a multi-million dollar loss, for multiple victims, over the course of a decade.
Mr. Tamkin recruited investors from prominent organizations including the Hillcrest Country Club, the Cedars-Sinai Medical Center, and the Music Center’s Fraternity of Friends. He also recruited many investors, many of whom were elderly, including long-time friends and acquaintances, and individuals who were referred by word-of-mouth in Los Angeles.
The DOJ is asking for any potential victims of this scheme to come forward and contact the Department for assistance by filing a report at oag.ca.gov/report.
It is important to note that a criminal indictment contains charges that must be proven in a court of law. Every defendant is presumed innocent until proven guilty.
Original source can be found here.