Iranian of the Day

MM

IMHO one should stay away from Iranian professionals all together. Especially in LA.  Here, 80% of people end up having problems when they do work with Iranian plumbers, carpenters, carpet cleaners, dentists, DJs, grocery store owners, entertainers etc etc.

There are a handful of famous/reputable businesses and professionals that are the exception.  Even Iranian professionals in the American corporate arena seem to work really well with Americans and the Chinese and Indians; but for some reason, when they work with other Iranians, they do strange things.  Back stabbing and other not nice actions!

Now this guy Farrahi is probably guilty of something.  There is always fire where there is smoke. We'll find out sooner than later.

But lets hold on to our horses and not assume guilty of all charges until the guy has had his turn in the courts. The way he is discussed here is like he has already been tried and found guilty of all charges.

BTW - if you are young or have money to invest, here u go:

1. get in touch with several of the investment firms that have had good track records over the last 10 years, and invest mostly in mutual funds/bonds that have done well in the past.

2. sit down with your financial advisor, and based on your age and your motivation, plans a firm financial nest-egg for yourself, spouse and children.  Some folks like to take chances more than the others, but that should be up to you and not your financial advisor.

3. If you are young and just starting, plan on 401K, IRA, a % saving plans  and other nest-eggs that will bear fuit when you are ready to retire.

The SOB didn't even speak Farsi until a couple of years ago MM

Farahi's Farsi sucked when he first started his radio show. Even learning Farsi was a ploy to rip people off. They don't stop at anything and Namvar and Farahi are just two on a long list among all professions in LA that are low life thieves.

And FF yes u got it, he is, just like you. And you left out 'Leech'.

Farahi not the only charlatan - look at Ezri Namvar $420 million

There was a piece in the NY-Times that highlighted two of these bastards.  Farahi has been blogged several times now, but the other “la-massab”, Ezri Namvar, is thought to have embezzled 420 million dollars from various groups, including Iranian-Americans.   

Folks, please be careful.   Just because someone speaks Farsi and knows all the right ta’arouf words, as David eluted to, do not hand in your life’s savings.  This is especially true of the older Iranians who are dependent on these satellite channels full of these charlatans.  A few months ago, I sat down with my Mom and explained what these guys are capable of.

My Goodness Gracious Ms. Molly

Did you spend your hard earned welfare money with John too?

You should know you can't trust them Jews.

He ain't not only a Jew, but this Farrahi guy is a Zionist too.

Farahi won't disclose how much money he invested in his new 6,20

Is this is how he spent what ever of other people's money that he didn't spend on his beverly Hills mansion?

//www.rgj.com/article/20100129/BIZ/1290389/10...

Who is the next John Farahi?????

There are several people in the Iranian community that are running similar scams.  Whoever tells you that we pay 10% or some tempting high percent interest on your money and fully insured, it should ring a bell that something is not right.  If they use the word 'Risk free' it should definitely ring a bell too.  Nothing is Risk Free when it comes to investing your cold hard cash with individuals or small companies especially.

Let's get serious folks, the banks pay less than 1% interest on your money.  Unless these people are printing money, there is something wrong when they claim they will pay you 7, 8, 9, 10% or more Risk Free and government insured especially if they also offer 401K Plans at a high interest rate too.  Think about it!!!!

I have been burned by this scam and that's why I don't want anyone else to go through what I went through.  Please be careful with these individuals.

John Farahi: An incompetent and dishonest financial advisor

Regardless of the alleged charges regarding John Farahi (JF) which has to be proven in court, I'd like to tell my personal observation of him, so people would learn that they shouldn't invest their money in his recommended mutual funds under any circumstances.

After listening to some of his radio programs, after making an appointment, I went to meet him in the middle of Spring 2002. During half an hour talk, I asked him some questions: The Nasdaq index is now around 1700, what do you think of it by the end of the year (Dec. 31/02)? His response was: " I think it can reach 2200 level".

By October 02, the Nasdaq index instead of moving up as he had predicted, dropped to 1100 level, and by the end of Dec-02, it closed on 1300 level! So he was only wrong by about 50%! That is pure incompetence. After he recommended that by investing in his recommended mutual funds, I'll make money, I asked him to show me the record for their past performances. He immediately did so. There was only one problem: Even though we were in the middle of the year 2002, the records he was showing me were up to Dec. 31/1999! The reason he didn't provide me the record for the returns in 2000 and 2001 was because the market had declined by about 10 and 20% respectively in those years! That is pure dishonesty. I knew about the market decline, simply because I had lost money in 2000 and 2001, but his conscious refusal in showing me return records for those years raised red flags in my mind.

Finally I asked him about a financial term that I had read or heard, but didn't know its meaning: I asked him what is a "no load mutual fund"? His response was: "I don't like it"? I said Why? He thought for a moment and then left his seat, left the room and never came back!! After waiting over 15 minutes, I left the room, found one of his aides and protested: What kind of a service is this? I've made an appointment and JF has left me without any explanation. His aid returned with me to the room and answered some other questions raised by me. At the end, I found JF and said good bye to him. He didn't say a word!

Two months later, while I was randomly searching stock market news, I discovered the meaning and implications of "no-load mutual found" That discovery explained JF's odd behavior: "No-load mutual funds" are the ones which you can bypass an incompetent and dishonest middleman like John Farahi and directly buy the funds by yourself with the click of a mouse and a phone call from the companies like "Vanguard" and "Baron"! That is why he said he didn't like it, and that is why he couldn't say why he didn't like it!!

All these people like JF who are working in private firms or bank branches are selling "loaded mutual funds", and they charge 3 to 5% commission for that. At the top of that, there is an annual management fee (that the fund companies, not the middleman) charge for all types of mutual funds: The difference is that the fee for "loaded funds", could reach up to 3 or 4%, where as the same fee for "no-load mutual funds" could be as low as .25% (1/4 of a one%)! So you can save 5% commission fee, plus 2 to 3% annual savings in management fees. That is a saving of $5000 + $10,000 (based on 2% difference in management fees in a 5 years period), for every $100,000 investment:  You save $15,000 just by not listenning to his program or seeing his face up close and personal!! 

And that is not all: Saving money is the first step. The more important issue is when to enter the market and when to exit it. Guess what? John Farahi has no clue about it! What people like him would say is: " the stock market in the long term always goes up". Guess what? That is a flat lie! I don't pretend that I know when to enter or exit the market, but I keep studying and doing research: There are "investment newsletters" written by real "Wall Street Gurus" that tell you when and why you should enter or exit the market.

Mind you their records are not 100% accurate. However, this is the best you can get in the real world. Based on my 10 years experience, I can say the accuracy of some of them is close to 80, perhaps 90%. I won't name any name. You do your own research and find out for yourselves which one you can trust. Some of them offer free trial issues of their publications.

Finally, the most important thing you need to know is that since March 2000, the stock market has entered a "Secular Bear Market" which will last about 15-20 years. A "secular Bear Market" is a market where the market is unable to pass through its previous all time highs: For example, the S&P 500, the best index to judge the market fluctuations, reached 1553 level in March 2000.

As of Fri. Jan. 15/2010, it is at 1136 level, and during the past 10 years period, it has never been able (except one day in October 2007 which it reached 1557) to repeat or pass its all time high in March 2000. There is a great proability that before 2015-2020, it can't break to new highs. However within this bad news, there are good news as well: A "Secular Bear Market" produces several "cyclical Bull Markets" within it, that people can benefit: For example since March 2000, the S&P 500 declined from its 1553 highs to 800 level by March 10 2003. But then it rose up to 1557 level by October 2007. Then since Oct. 2007 high of 1557, it fell to 676 level by March/09/2009. Since then, it has peacked again up to 1136 level by last Friday.

What does this all mean:

1- Never, never and never rely on middlemen like John Farahi. Become your own financial manager by studying books, "investment newsletter"-s, the CNBC channel, and sites like "Bloomberg.com". That way you can make an educated approach to financial investments, and you can invest directly in the market.

2- It is safe to say that for the next 5 to 10 years: enter the market when S&P 500 is at or below 800 level; exit the market when it reaches 1400-1500 level. The choice is yours!

We must be careful about others

There are other programs usually aired from 5-6pm in the KIRN, which promotes Iranians to invest their 401k money. Does anybody know how honest these people are?

I'm not ignoring your blogs FF

On the contrary, I believe one should be very aware of the enemy. 'Just that the nonesense and hatred you spew doesn't usually warrant commenting on. That doesn't mean I'm gonna pass up bursting your bubble once in a while though ;)

I've lived in LA 30+ years too and know more than a few people but I don't try to pass off official SEC released information as my 'insider info'. But then again, I'm not quite so shameless.

And I ain't your sister. Genetically impossible. Ok I'm done with you for the night. Sweet dreams.

Both my cousin and friend know Mohammad Alizadeh

the lowest of the low SOB you ever wanna meet!  ;-) 

I've lived in LA 30+ years.  You think I would know a couple people. 

For someone who was ignoring my blogs all together you sure are up to date sister. 

No Faramarz YOU Are Amazing

What with all the 'inside information' you have! First your cousin in Toronto Airport Immigration and now this. Right.

Tell me, how quickly would you have jumped to ask people to hold off on judgement if his name was Mohammad Alizadeh or similar?

WOW Holly you are amazing

How did you find that link?!

Mr. Farahi & who is next?

Almost anyone with the exception of mother born idiots knew that Farahi is a crook and swindeler.

Now the question is who is next? I do believe that pretty soon we would read about others in "Radio 670 AM", who sold and are selling toxic assets in real estate, risky investments, and other dangerous products.

Moreover, I ascertain that Dr. Holakoei who shamelessly promoted Mr. Farahi for the sake of money should be tried as co-conspirator.

David Ahdoot

Right Now, I'm sure he would do anything to go and live under AN

that's right- no price for freedom. this guy would be willing to head off right away to Iran and live under the shadow of AHmadinejad.

He is willing to run away from Beverly Hills and OC and just go back to Iran.

i am sure of it.

Even Hollakohi promoted his found raising

I remember when he was doing his found raising and collecting money from poor Iranians, even Holakoi was promoting his cause. I think we should be more careful who we are giving our money to. This is very much like madoff scandal (who was made of lie).

Actually...

The alleged siphoning of funds for personal home construction use is a little more solid in source than ' a banker friend's' say so.

//www.sec.gov/news/press/2010/2010-3.htm

I also heard that none of the Radio's hosts would take calls today unless it was directly related to what was being featured on their program. I trust a lot of people are calling in about this and KIRN is not happy about it (although I'm sure they were happy when they were selling mr Farrahi airtime).

About time and way past due

I had two meetings with him and his wife few years ago and it was SO OBVIOUS to me (even mentioned to me in their own words) that they had no sense of fuidiuciary duty and all the ta'arofs were just a facade to milk the Iranian public.

I am surprised they lasted this long and I believe KIRN Radio owes a LOT of explanation to Iranians for promoting them for soooo long. Obviously if in two meetings I could so obviously smell something, on a day to day basis Radio management etc knew a lot and they allowed it to continue.

 ... I used to sometimes listen to comments and promises made by infomercial hosts in Real Estate, Loan and Stock Market Investment which shook me to hear how obviously some make false claims and misinform the Iranian public for own advantage.. 

I maybe joining the other side soon!

According to a banker friend in LA, Farahi transfered at least $2.3M of his company money to his private account to pay for his home construction/remodeling.

Noush Afarin

Afarin.  You hit the nail in the head.   When someone appears in a TV show to provide info to the public as an expert in any field - it is imoral and illegal to conduct business - something that is routinely overlooked by the Iranian TV stations.  

Mini Madoff!

More details on this story on LA Business Journal website:

//www.labusinessjournal.com/article.asp?aID=1...

It's funny how many mini Madoffs are out there!

Dear Farokh

I wish $200K was not a whole lot of money to me.  As is, even $2,000 is a lot of money for me.  Are you kidding me?!

What I meant to say is that normally people who plan to commit fraudulent acts target type of people with a lot more $ than $200K per investor.

As far as I know, when 10+ people within a short span of time complain about an investment advisor to SEC, they take action.  It doesn't take much encouragement to have 10 Iranians take action about someone they did business with.

This guy (Farahi) sounds like a smart and pretty conservative guy.  I find it hard to believe he would do a stupid thing for $20M.  Time will tell.  100 cases of fraud could land him and his wife in jail for a couple decades if not more.

This guy is neither my relative nor friend and I personally don't give a rats ass what happens to him if he is guilty; hopefully a lot of years behind bars.  All I am saying is lets chew on some facts other than allegations before we convict and imprison this dude in the court of public opinion. 

SOB

he is one the most s.o.b you could even seen... anyone who take advatnages of people who needs help is so.b... just imagine who else is stealing money right now that we would find out later.. who knows!!

burn in hell .. i am talking to you cheaters who destryoed so many lifes..burn in hell too...

Dear Mr. Faramarz

"If the total amount is $20M for 100 investors it amounts to $200K per investor.  Not a whole lot of money".

So this is not a lot of money to you!?

Good for you, but I think it is a lot of money to a lot of people.

I like to see how you would feel if someone stole that kind of money from you.

Although we cannot convict the man before all the facts are out, I am pretty sure a lot of people are not very happy with him now.

Lets not hang the guy yet

Although more likely than not this dude is guilty of some wrong doing, the report by AP clearly says "ALLEGEDLY".

Probably a half dozen Iranian clients got pissed their money was lost in investments and filed complaints with SEC.

If the total amount is $20M for 100 investors it amounts to $200K per investor.  Not a whole lot of money.

Lets get more facts before this guy is hunged without a jury.

iranian-american version of bernie made-off

apparently like bernie he was also very involved in the jewish community. that said i'm sure there are many other reputable folks who are in this biz and happen to be of iranian descent that offer a good svc and don't cheat their clients!

طمع که چندان کند......

من یکی از شنودگان برنامهء آقای فرحی بودم، ایشان مستقیماً روی خط رادیو، شماره ء دفترشان را به کسانیکه در مورد بازار سهام سوالی داشتند و یا نمیدانستند با پول خود چگونه برنامه ریزی کنند، میداد.

He doesn't look 52

He looks more like 62