Bijan Madjlessi was/is the owner of the Belvedere Towers condominium project here in Reno and who had neglected to pay his property taxes resulting in the property being seized in a tax foreclosure by Washoe county.
Madjlessi has also been arrested in California for insurance fraud because he filed insurance claims on two separate policies.
Now, it appears that Madjlessi has a very busy man. He is also linked to the failure of the Sonoma Valley Bank that had three branches in the Sonoma Valley area of CA.
When Sonoma Valley Bank granted him a loan he had already defaulted on a loan from IndyMac bank for the same project.
At the center of the bank’s downfall is a series of large loans made to a small group of North Bay developers who were behind three Sonoma County projects that fell into foreclosure over the past few years.
The bank continued to fund the projects even after it became public in land records and lawsuits that the developers were defaulting on multimillion-dollar loans from other banks and were not paying construction contractors.
At this time I am aware of at least two other failed real estate projects. He blamed the bad economy.
Read more here.