In early 2008 I was looking to secure a loan collateralized by my home. I was referred by Fred Faloudi at Nara Bank to Beverly Hills Mint, specifically to Berta and Daniel Negari. Faloudi indicated that the Negaris were agents of Bank of America. I later came to believe that Faloudi conspired with the Negaris to share any fees the Negaris could extract from me.
The Negaris represented themselves as agents of Bank of America. They did this in the following ways:
1. They made oral representations that they were representatives of Bank of America.in February Negari visited me for the first time in my office. Negari explained that she'd formerly been a Vice President or manager at Bank of America, that she continued to work directly under Bank of America and that if I secured a loan through her I would eliminate any middleman fees. To prove this point she directed me to visit the Beverly Hills Mint website.
2. Berta Negari's biography is on their website http://www.beverlyhillsmint.com. The website is cleverly worded in such a way so as to leave the impression that Negari's relationship with Bank of America is not only on-going but a direct progression from Bank of America to Beverly Hills Mint. It PURPOSELY does not state that Negari terminated her employment with Bank of America.in fact, she continuously used her high level loan officer status and employment with Bank of America as a selling tool to entice me not go to another bank or agency.
3. Berta Negari said in later meetings that she and her son Daniel Negari were principals of Beverly Hills Mint, and that Avi Cohen, who had taken her place as Vice President: Private Client Advisor with Bank of America worked for them. She further emphasized this point by saying that she was Cohen's boss and Cohen would do as she instructed. When I called Negari on a couple of occasions at Bank of America (a phone number Negari had provided me), Cohen answered and would say Ms. Negari is not available and I will have Ms. Negari call you back. At this point he did not correct my mistaken assumption that Negari was an employee of Bank of America. Only later, after I took a loan with another bank, did Cohen attempt for the first time to distance himself from Beverly Hills Mint. All of this fraudulently led me to believe that Berta Negari was directly affiliated with, and loan agent of, Bank of America.
The Negari's stated that because they were direct loan agents of Bank of America they could secure the best possible terms as they would not charge separate loans or fees because they would be compensated directly by Bank of America. Further that they would be compensated by Bank of America only in the event a loan transaction closed. I was also clearly told that I was free to solicit loans from other sources and that I could consummate such a loan without owing anything to the Negaris. Some of these representations were made in writing and I have copies of a string of emails between Berta Negari and my CPA.in response to my CPA's question as to the "costs of obtaining the loan, including points and broker fees" Berta Negari replied on "the cost is appraisal, title and escrow - no broker fee."
In April I met with Negari and Cohen. They told me that more than 60 days had passed since they'd begun the loan application process with Bank of America and that if I wanted to keep this process alive I'd need to sign a loan commitment. This loan commitment, they told me, was a mere placeholder necessary to prevent the shredding of documents I'd submitted previously. I was not given the opportunity to review the document; they just stuck a signature page in front of me. Negari continued to harass me with nonstop voicemails urging me to call her in order to "not lose my loan", "that she was not able to hold the loan any longer if I did not call her immediately" and that "the loan terms were going to go up if I did not act immediately" and many tens of other calls and showing up to my office without an appointment and demand to see me.
After Berta Negari learned that I took the loan with a different bank she became furious and started make threatening calls ranging from legal threats up to "bad things would happen to me." I relied upon and was induced by all the statements referenced above to sign this FRAUDULENT loan commitment which Negari later used as a basis to attempt to force me to pay a $95,000.00 fee notwithstanding their promise that no such fee would be due.
Working with the Negaris and Beverly Hills Mint has cost me tens of thousands of dollars, aggravation, legal fees and time. They have done everything they can to make life difficult for me and my family. There is already an investigation going on to find out if they have defrauded others.
Stay away from the Negari mother and son gang and Beverly Hills Mint at all costs.
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