Billionaire Bren gets scammed

Pretty funny story - somebody stole Donald Bren's $1.4 million federal tax refund check, set up a series of bank accounts under Bren's name, and then withdrew nearly $1.1 million. Bren, chairman of the Irvine Co., received the refund because he overpaid his estimated quarterly taxes. No word on who the scamster is and how he managed to get the check in the first place. From the OC Business Journal:

According to a court document, money in the fraudulent accounts was transferred to three people, in roughly equal amounts totaling a little more than $200,000, from Feb. 26 to March 11. About $250,000 of the money was left by the time federal officials seized the accounts in June, as indicated in a legal notice filed with the Wall Street Journal. Federal investigators have bank surveillance photos of the suspect--a 40-something man who looks nothing like Bren--and the names of three people who were transferred money in February and March.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook