Fallen Roseville mogul arrested for grand theft

Bail set at $1 million; back taxes total $1.5 million
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A ruined Roseville entrepreneur and the state’s 65th highest debtor was arrested and booked into Placer County jail Thursday on a charge of grand theft. Abolghassem “Abe” Alizadeh, 52, is being held on $1 million bail, according to jail records. The state Board of Equalization reported that he owes $1.5 million in taxes. In late 2008, Alizadeh’s real-estate portfolio, Kobra Properties, imploded under crushing debt. His 70 Jack in the Box restaurants closed for one day in September 2009, opening back up under Chapter 11 bankruptcy protection. Alizadeh cited $390 million of debt in his filing. At the time, the former franchise mogul abruptly closed his TGI Friday’s locations throughout the Northwest. Amid accusations of fraud and mismanagement, Alizadeh – once among the area’s most prolific developers – also saw his slate of commercial properties go on the auction block. The litigation marks one of the most complicated bankruptcy proceedings ever in the region. The company faced multiple lawsuits. In January 2010, a U.S. bankruptcy court auction brought in $6.8 million by selling a fraction of Alizadeh’s former properties, including five Jack in the Box locations. Two were in Rocklin. A sixth property auctioned off was a vacant tract at Junction Road and Foothills Boulevard in Roseville, which sold for $325,000. ~ Staff report