SF real estate investor accused of flouting city ethics rules

A politically involved real estate investor convicted of bank fraud faces new legal troubles after the San Francisco Ethics Commission accused him of violating conflict-of-interest rules, according to a new <a href="https://sfethics.org/wp-content/uploads/2022/12/Finding-of-Probable-Cause-SFEC-Case-2021-001.pdf">filing</a>.&nbsp;



Victor Makras—who has served on a number of boards and commissions going back decades—now faces charges that he violated city ethics laws for failing to report income during his time on the Port Commission and another body.&nbsp;



If the allegations are upheld by the Ethics Commission, he could face up to $240,000 in fines.&nbsp;



The first of seven charges alleges that Makras failed in 2014 to report $70,000 in income he received during his time on the San Francisco Retirement Board as part of a loan scheme that resulted in his bank fraud conviction earlier this year. That scheme involved lying to a bank to help his friend, former Public Utilities Commission head Harlan Kelly, secure a home improvement loan.



The other allegations state that Makras broke city laws while on the Port Commission when he failed to disclose his financial interests in a property near a port project in Mission Bay.



Makras had a $1 million stake in a development next to the port project at Mission Rock. Makras owns five properties at a condominium complex at 188 King St., while his wife, Farah Makras, holds the title to another King Street property.&nbsp;



City laws forbid anyone holding interests within 1,000 feet of a city project to participate in decisions that could raise conflicts of interest.&nbsp;&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="8192" height="5464" src="https://content-develop.sfstandard.com/wp-content/uploads/2022/11/MakrasLicense141022_397.jpg" alt="" class="wp-image-89727" srcset="https://content-develop.sfstandard.com/wp-content/uploads/2022/11/MakrasLicense141022_397.jpg 8192w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/MakrasLicense141022_397.jpg?resize=300,200 300w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/MakrasLicense141022_397.jpg?resize=768,512 768w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/MakrasLicense141022_397.jpg?resize=2500,1667 2500w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/MakrasLicense141022_397.jpg?resize=1536,1025 1536w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/MakrasLicense141022_397.jpg?resize=2048,1366 2048w" sizes="auto, (max-width: 8192px) 100vw, 8192px" /><figcaption class="wp-element-caption">The Makras Real Estate sign hangs above the sidewalk on Church Street in San Francisco. | Benjamin Fanjoy/The Standard</figcaption></figure>



The Ethics Commission says Makras failed to recuse himself in all but one meeting related to the Mission Rock development during his tenure on the Port Commission from 2018 to 2020.&nbsp;



On June 11, 2019, Makras participated in a closed session port meeting about development fees that would impact land values in the area, according to the filings.&nbsp;



Then, on July 9, 2019, he took part in a meeting about streetscape improvements linked to the project. He continued to participate and even vote on other project details, some of which would potentially boost land value, the allegations say.&nbsp;



It wasn’t until May 26, 2020, that he recused himself because of his King Street property, which lies within 1,000 feet of the project.&nbsp;



Makras did not file a rebuttal to the allegations from the Ethics Commission and did not respond to a request for comment from The Standard.&nbsp;



Earlier this year, Makras was <a href="https://develop.sfstandard.com/criminal-justice/politically-connected-real-estate-mogul-fails-to-get-bank-fraud-conviction-tossed-could-lose-license/">convicted in the U.S. District Court</a> for bank fraud over the loan for Kelly, whose own case is still pending. Both cases are part of a larger federal investigation that has so far resulted in the conviction of the city’s former Public Works chief Mohammed Nuru, who <a href="https://develop.sfstandard.com/criminal-justice/disgraced-public-works-chief-gets-7-years-for-role-in-bribery-scandal-your-crime-resulted-from-greed/">was sentenced</a> to seven years behind bars after he <a href="https://develop.sfstandard.com/politics/city-hall/mohammed-nuru-to-appear-in-court-ready-to-accept-responsibility-in-corruption-case-attorney-says/">pleaded guilty to fraud in January</a>.



Makras and his wife are close to several powerful figures in San Francisco politics, including Mayor London Breed and former Mayor Willie Brown, who <a href="https://develop.sfstandard.com/california/two-former-mayors-willie-brown-and-art-agnos-ask-for-leniency-in-sentencing-of-felon-victor-makras/">asked the judge</a> for leniency on the investor’s behalf.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="2500" height="1667" src="https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-2500x1667.jpg" alt="" class="wp-image-89717" srcset="https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-2500x1667.jpg 2500w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-300x200.jpg 300w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-768x512.jpg 768w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-1536x1024.jpg 1536w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-2048x1365.jpg 2048w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-650x433.jpg 650w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-370x247.jpg 370w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-800x533.jpg 800w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-450x300.jpg 450w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-20x13.jpg 20w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-185x123.jpg 185w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-740x493.jpg 740w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-400x267.jpg 400w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-1600x1067.jpg 1600w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-225x150.jpg 225w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-900x600.jpg 900w, https://content-develop.sfstandard.com/wp-content/uploads/2022/11/GettyImages-1321587183-72x48.jpg 72w" sizes="auto, (max-width: 2500px) 100vw, 2500px" /><figcaption class="wp-element-caption">Victor Makras, Farah Makras, Sonia Molodetskaya and Willie Brown (from left) at a San Francisco Opera opening night gala in San Francisco. | Liz Hafalia/The San Francisco Chronicle via Getty Images</figcaption></figure>

Two former mayors—Willie Brown and Art Agnos—ask for leniency in sentencing of felon Victor Makras

A long list of supporters, including former mayors Willie Brown and Art Agnos, have voiced their support for a lenient sentence for politically connected real estate mogul Victor Makras, who was found guilty on federal charges earlier this year.&nbsp;



Makras was <a href="https://develop.sfstandard.com/criminal-justice/politically-connected-real-estate-mogul-fails-to-get-bank-fraud-conviction-tossed-could-lose-license/">convicted in U.S. District Court</a> earlier this year for bank fraud. The case was linked to a federal corruption probe involving Harlan Kelly, former head of the San Francisco Public Utility Commission, and Mohammed Nuru, the city’s former head of Public Works. The latter <a href="https://develop.sfstandard.com/criminal-justice/disgraced-public-works-chief-gets-7-years-for-role-in-bribery-scandal-your-crime-resulted-from-greed/">was sentenced</a> to seven years in prison after he <a href="https://develop.sfstandard.com/politics/city-hall/mohammed-nuru-to-appear-in-court-ready-to-accept-responsibility-in-corruption-case-attorney-says/">pleaded guilty to fraud in January</a>.



Makras’ conviction proved that he made false statements to help Kelly get a loan.&nbsp;



Makras and his wife, Farah, maintain social ties to a number of city politicos and other prominent names, some of whom were among the 190 people who wrote to the judge ahead of his sentencing.&nbsp;



That included the two mayors and other politically connected players who urged the judge to give Makras a light sentence, according to court documents filed Nov. 30.&nbsp;



Mayor London Breed, who is close with Makras, did not write on his behalf.&nbsp;



But former Mayor Brown did. In Brown’s letter to U.S. District Court Judge Richard Seeborg, he noted that Makras is the executor of his will and an investment partner, and played key roles in helping him get elected to city and state offices.&nbsp;



“I frankly have never met anybody in my 88 years of life and 60 plus years of public political participation as trustworthy as Victor Makras. And I must say Judge, I don&#8217;t know anybody of all the thousand people that I have interacted with that would have any other opinion about Victor Makras,” wrote Brown on Nov. 9.&nbsp;



Brown noted, too, that Makras is such a trusted friend that “he has been selected by me to be the executor named in my will and to serve without the need for any security.” Brown added that Makras also manages the finances of all “the members of my family.”



Brown was himself the subject of at least one <a href="https://www.latimes.com/archives/la-xpm-1990-12-09-mn-8712-story.html" target="_blank" rel="noreferrer noopener">FBI investigation</a> in 1990 when he worked on land use issues on behalf of a large garbage disposal firm.   



Former mayor Agnos wrote that Makras helped him in his mayoral election in the late 1980s and worked on boards and commissions under five subsequent mayors, all of which helped improve the city.



“As I am sure you know from your daily presence and work in San Francisco, we are struggling with challenges wherein there may be some important opportunities for Victor Makras to continue being one of the most honest and creative problem solvers ever to serve five mayors of San Francisco and our great city,” Agnos wrote.&nbsp;



Agnos’ letter did not mention that Makras left the Port Commission <a href="https://www.sfchronicle.com/local-politics/article/San-Francisco-port-commissioner-Makras-quietly-15410879.php" target="_blank" rel="noreferrer noopener">under a cloud over</a> conflict-of-interest issues related to a development he had a stake in. 



Neither Makras nor his attorney responded to a call for comment.&nbsp;



Makras’ many other supporters included Greek immigrants and San Francicans of Greek heritage, lawyers, a police officer, realtors and business people from across the Bay Area. Elections attorney Peter Bagatelos and advertising executive <a href="https://gumas.com/team_profiles/john-gumas/">John Gumas</a> were among those who wrote on his behalf. 



“Victor has always maintained his high moral and ethical standards. Victor is not a person to lower his standards to a level that would be considered corrupt or malicious,” Bagatelos wrote in his letter of support.&nbsp;



Many supporters noted Makras’ moral support, aid to local Greek Orthodox church life and business advice.&nbsp;



“I have felt many times that he has helped me as a brother would. My family immigrated to the United States in 1963, and Victor is one of the people who helped us to achieve the American Dream,” wrote Dennis Vozaitis of Sonoma.&nbsp;



Makras runs Makras Real Estate and Makras Investors. His companies sell real estate and manage numerous properties in San Francisco. A longtime local real estate player, Makras was elected to lead the San Francisco Association of Realtors in 1989.



He has also held positions on the San Francisco Port Commission, the police commission, the PUC board and the city’s retirement board, among others.&nbsp;



Victor and Farah Makras are close with Mayor Breed. For instance, the pair hosted fundraisers for Breed at their Marina District home. Farah Makras’ Instagram includes a photo of Breed blowing out candles on her birthday cake at a dinner with Willie Brown and the Makrases.

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