Thursday, August 5, 2010

Expensive identity theft for billionaire -- Los Angeles, CA

A criminal complaint alleges California billionaire Donald Bren has had a $1.4 million tax refund check stolen from him in an identity theft case.

Bren, who is listed by Forbes as the 45th wealthiest man in the world, was allegedly targeted by an unknown man who set up bank accounts in his name earlier this year. Federal court documents allege the man deposited the refund check into one of the accounts before transferring the money out.

He will not be held accountable for the stolen money, which will be taken by the bank or its insurance.

Bren is chairman of the Irvine Co., a private real estate company with an investment portfolio with more than 85 million square feet in Southern California. Bren's reported net worth is $12 billion.

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