(Source: LA Times) Two executives at a Los Angeles-based real estate development company and two of their employees have been indicted on charges they defrauded government agencies of millions of dollars in funds for housing low-income families.

The 67-page federal grand jury indictment says Salim Karimi and three others at Advanced Development and Investment Inc. engaged in a conspiracy to fraudulently obtain more than $50 million in loan proceeds for affordable housing projects in Chinatown, Glendale and elsewhere.

As part of the scheme, Karimi and others submitted fraudulent invoices that “significantly overstated” the true costs of framing, plumbing, drywall and other construction work at affordable-housing projects built with taxpayer support, according to the federal grand jury indictment, which was filed in 2014 and unsealed this week...