Friars Club Swindle Suspect Surrenders

A Woodland Hills man charged with swindling fellow Friars Club members out of at least $500,000 surrendered to authorities Friday and pleaded not guilty to eight counts of grand theft, a prosecutor said.

Joel Burakoff, a 56-year-old former member of the prominent Beverly Hills social club’s board of directors, is accused of enticing wealthy members to put money into Univest Home Loan Inc. As head of the Gardena-based firm, Burakoff promised investors large returns on high-interest, inner-city, real-estate and business loans and then pocketed many loan repayments, authorities said.

The date and terms of Burakoff’s surrender were set when charges were filed Dec. 30. Prosecutor Tom Wenke of the district attorney’s office major fraud division said Burakoff would be free on his own recognizance until a Jan. 21 bail hearing.

“This [surrender] is common in white-collar crimes,” Wenke said. “He’s not a physical danger to the community. There’s no element of surprise.”

At the Jan. 21 hearing, a judge will determine whether Burakoff must post bail or remain free on his own recognizance. A Feb. 3 preliminary hearing date also has been set, Wenke said.

Burakoff’s attorney, George Buehler, did not return phone calls seeking comment.

The case against Burakoff stems from allegations by nine Univest investors who reported losing a combined $506,500 between 1994 and early last year, though Wenke said the total amount of missing funds remains unknown.

An attorney for eight of the alleged victims trying to recoup money from Univest’s court-appointed receiver, has asserted that nearly 100 people lost money in a multimillion-dollar scheme.

Authorities said victims include Irwin Shaeffer, a North Hollywood businessman and Friars Club president, and several prominent entertainers and Friars Club members, including singer Tony Martin and his wife, celebrated dancer and actress Cyd Charisse.