He boasted of far-flung travels, his vineyard in Italy, the Lamborghini he bought a brother and real estate endeavors that quickly doubled investors' money.
His kind of lifestyle could be easily achieved, he would say, if you invested with him.
But Kaveh Vahedi's empty promises left a trail of financial devastation that led to broken marriages, the loss of homes and thoughts of suicide. His marks included an elderly man stricken with cancer and his own parents.
On Thursday, dozens of victims celebrated a small victory when a U.S. District Court judge handed Vahedi an 18-year prison sentence — more than double the government's recommendation — and called it "one of the most heartbreaking, vicious fraud schemes" he had ever seen.
Vahedi, 52, pleaded guilty last year to federal fraud charges — including masterminding a Ponzi scheme that authorities say stole more than $11 million. Prosecutors, taking into account Vahedi's cooperation, requested a sentence of eight years.
But Vahedi's victims demanded a harsher sentence, and some appeared in court to share how they had been left in ruins.
Fred Shokoufi, 63, said he was nearly destitute. Trembling, he held up an empty ramen noodle packet. "Most of the night I eat this soup with my son, 8 years old," he said, sobbing. Courtroom visitors began to cry as well. "Soup for 20 cents. Twenty cents. I don't have a penny to buy him a Christmas gift. Why? Why?"
Another man who gave Vahedi more than $230,000 said the financial stress led to his divorce. He's now a single father of two living on food stamps.
Vahedi's brother and father spoke on his behalf and asked that the court show mercy on someone who had been "naive."
Vahedi himself gave a statement: "I'm just a human being who made foolish mistakes."
But Judge Dean Pregerson said Vahedi had taken away people's dignity and that should be reflected in the judgment. He also ordered Vahedi to pay $9.7 million in restitution. The government said Vahedi used the stolen money to fund his personal expenses and a concert company. Investigators have yet to find any leftover money.
Victims describe Vahedi as a charismatic man who was quick to hug and referred to them as brother, sister, uncle. He spoke often of business deals overseas. When clients stopped by his Glendale home, he would point out the marble and granite he had imported from Italy.
Yet many say Vahedi wasn't overly ostentatious and that his generosity earned their trust. He gave clients bottles of vodka and lent them his Bentley. When people spoke of their financial struggles, he would offer to pay a few of their bills.
"He charmed us, paraded that he was wealthy, and then he came in for the kill," said one woman. "We trusted him. He broke our hearts; he broke our spirits; he broke our bank."
Vahedi's calling card seemed to consist of giving the impression that clients were being done a favor.
In 2007, Evelin Guevara and her husband took out a $300,000 home equity loan on their five-bedroom Rancho Santa Margarita home. They had known Vahedi for a decade and he wanted them to invest in a San Diego real estate development.
Vahedi even offered to chip in half of the loan repayment as they waited to reap the reward from their investment. He also gave them a check and said they could cash it any time they felt uncomfortable with the deal.
But eventually the couple were told by Vahedi that the San Diego wildfires had backlogged permits. They were appeased when Vahedi showed them a letter from the IRS that said his accounts were frozen. The letter turned out to be phony. Soon Vahedi stopped returning calls.
The money troubles led to fights and eventually a divorce. Guevara, 45, now lives in a two-bedroom apartment with her two children.
She said she was unable to attend the sentencing because she couldn't afford to miss a day of work.
corina.knoll@latimes.com
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