LA Real Estate Execs Accused of Defrauding Homeless Housing Program
FOX 11 Los AngelesOctober 16, 20252 min6,140 views
7 connectionsΒ·12 entities in this videoβHomekey Program Fraud Allegations
- π― Two LA-area real estate executives have been federally charged with defrauding California's Homekey Program.
- π‘ The Homekey Program is designed to use state funding to convert existing buildings, like motels or senior homes, into housing for the homeless.
Accusations Against Cody Holmes
- π° Cody Holmes of Beverly Hills is accused of misappropriating over $25 million in Homekey funds intended for homeless housing in Thousand Oaks.
- π³ Prosecutors allege that at least $2.2 million was diverted to pay Holmes's personal American Express bill, including purchases at luxury retailers.
Charges Against Steven Taylor
- π¦ Steven Taylor has been charged with bank fraud and money laundering in connection with a property in Chevad Hills.
- π Prosecutors claim Taylor used fake bank statements to secure a loan for the property and then sold it for a $16 million profit.
Ongoing Investigation and Scope
- π Journalist Jamie Paige noted that the property's price tag doubled in a nine-day period, raising red flags.
- βοΈ Acting US Attorney Billy states this is just the beginning, with billions of dollars in question and more investigations underway.
- β οΈ The investigation is looking into others potentially involved in the sale and purchase of this and other properties in the region.
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12 entities
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Transcript10 segments
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Whatβs Discussed
Homekey ProgramHomeless HousingReal Estate FraudFederal ChargesMisappropriation of FundsBank FraudMoney LaunderingLos AngelesThousand OaksChevad HillsUS Attorney's Office
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