Businessman charged with financial fraud in two states

September 27, 2009, 06:00:00AM. By Charles Benson

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Bismark, ND: Raymond Arjmand is reportedly facing several financial fraud lawsuits that involve properties he owns in California and North Dakota.

Arjmand owns the Gateway Fashion Mall in Bismark, as well as the Woodland and County Fair Fashion Mall, both located in California.
The businessman is reportedly facing financial fraud charges and is accused of insurance fraud, racketeering and bilking tenants at his three malls, California's Daily Democrat reports.

Arjmand allegedly committed insurance fraud with his business associates by making false insurance claims on inflated damage reports as well as on invoices for work that was never performed at the California properties.

The Bismark financial fraud lawsuit states that Arjmand allegedly charged Gateway Fashion Mall tenants extra for maintenance beyond what was actually done and pocketed the money in the process.

Arjmand is also being countersued by the Fireman's Fund Insurance Company, American Insurance Company and National Surety Corporation, after he reportedly sued them for denying insurance claims on his properties in California.

The mall owner purchased Gateway in 2006 for about $13 million, and the County Fair Mall in 2005 for $15 million.

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