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California homeless crisis: DOJ accuses real estate developers of $50M funding fraud

October 19, 2025
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California homeless crisis: DOJ accuses real estate developers of M funding fraud
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As part of an unique federal job force examining where a shocking $24 billion designated for homelessness in California has actually wound up, the Department of Justice exposed preliminary findings on Thursday, revealing brand-new criminal cases versus 2 LA location realty designers who the federal government states misused approximately $50 million in a mix of federal, state and regional dollars allocated for homelessness.

” This is not a victimless criminal activity,” stated Akil Davis, FBI Los Angeles assistant director in charge. “As the countless dollars lost might have been utilized for real estate the homeless or other regional top priorities moneyed by California taxpayers.”

Cody Holmes, 31, of Beverly Hills was jailed and charged with federal felony scams Thursday early morning for supposedly getting $25.9 million in grant cash meant for a homeless real estate job that was never ever constructed.

LOS ANGELES MAYOR SLASHED FIRE SPENDING PLAN IN 2015, PRIORITIZED HOMELESS POPULATION

According to court files, the California Department of Real Estate and Neighborhood Advancement paid almost $26 million to Shangri-LA Industries LLC in October 2022 to be utilized for the purchase, building and operation of homeless real estate in Thousand Oaks, California.

The federal government declares that Holmes, as the then-CFO of Shangri-LA, sent phony bank files and balance sheets to get authorized for the grant cash. District attorneys declare Holmes lived a luxurious way of life and utilized a few of the homeless financing to pay $2 million towards American Express cards that consisted of purchases at “popular high-end merchants.”

” If you take cash or enable it to be taken, we will discover you, and we will prosecute you,” stated Costs Essayli, acting U.S. lawyer for California’s Central District.

Fox News has actually connected to Shangri-LA for remark.

In a different case, federal detectives jailed 44-year-old Steven Taylor of Los Angeles, and charged him with 7 counts of bank scams, one count of exacerbated identity theft and one count of cash laundering.

PREVIOUSLY UNHOUSED MALE PRAISES TRUMP’S EXECUTIVE ORDER COMBATING HOMELESSNESS

The indictment declares that Taylor supplied incorrect bank declarations and records to get homes throughout LA. Most just recently, district attorneys state he was associated with a 2023 plan in which he supplied incorrect files to acquire a home in LA’s Cheviot Hills community for $11 million. He then rapidly resold the home for $27 million.

Los Angeles homeless

At the time of purchase, the structure was being utilized as a senior living center. Federal district attorneys declare Taylor “misrepresented” that he meant to remodel and run the Cheviot Hills home himself however was currently “in agreement to offer the Shelby home.”

The DOJ states the buyer of the home is a popular not-for-profit in LA called “Weingart,” which utilized federal and regional funds to make the purchase. Essayli states Weingart belongs to the examination.

The long time CEO of Weingart is previous California Democratic State Sen. Kevin Murray. Murray was not straight called or charged. Fox has actually connected to Weingart and Murray for remark.

After the charges were revealed, Los Angeles Mayor Karen Bass launched a declaration stating, in part, “My administration has absolutely no tolerance for corruption– duration. We’re dealing with the U.S. Lawyer’s workplace to guarantee that anybody who participates in scams versus the city will deal with the full blast of the law and my administration’s unwavering dedication to responsibility.”

Mayor Karen Bass

In April of this year, Essayli revealed the launch of the Homeless Scams and Corruption Job Force– targeted at examining how the state invested $24 billion in between 2018 and 2023.

” California state authorities stopped working to offer significant oversight over the people who got the majority of these funds, and they had little to no responses to the general public’s need for responsibility. Well, that responsibility begins today,” Essayli stated.

Source: Fox News.

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