The former CFO of a Los Angeles-based development company is accused of embezzling money that was intended to build housing for low-income and homeless people. A lawsuit says Cody Holmes used the millions of dollars he took to pay for a lavish lifestyle for himself and his ex-girlfriend.
He allegedly bought exotic cars, expensive handbags, jewelry, private jets and concert tickets, and also used the money to pay the monthly rent for a mansion in Beverly Hills. Holmes is accused of abusing his position with the company, Shangri-La Industries.
The company helps convert old hotels and motels into housing for homeless people through the state’s Project Homekey.
