Los Angeles City Atty. Mike Feuer on Wednesday sued several housing developers, alleging they misappropriated millions of dollars of public money. The lawsuit stems from a $2.3 million loan issued by the city in 1999.
Accusing a prominent affordable housing developer of using a city-financed property “as a personal bank account,” Los Angeles City Atty. Mike Feuer on Wednesday sued the company and several others, alleging they misappropriated millions of dollars of public money.
The companies, according to the lawsuit, refinanced the property without the city’s knowledge to get more money and then wrongfully conveyed the deed of trust to another company. The lawsuit alleges that they “treated Richard Hogan Manor as a personal bank account” and that the transactions were “devised to misappropriate money for other uses.”Kendall Walker, identified in the complaint as the chief executive of Figueroa Economical, told The Times on Thursday that he was unaware of the lawsuit.
Then in 2018, Hogan Manor secured a $7.2-million loan against the property from yet another company, PS Funding, the lawsuit alleges. The city alleges that Evergreen Advantage received $4.4 million in the proceeds from that loan, which should have been paid to the city, according to the lawsuit.
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