As part of a special federal task force investigating where a staggering $24 billion designated for homelessness in California has ended up, the Department of Justice revealed initial findings on Thursday, announcing new criminal cases against two LA area real estate developers who the federal government says misused roughly $50 million in a combination of federal, state and local dollars earmarked for homelessness.

"This is not a victimless crime," said Akil Davis, FBI Los Angeles assistant director in charge. "As the millions of dollars lost could have been used for housing the homeless or other local priorities funded by California taxpayers."

Cody Holmes, 31, of Beverly Hills was arrested and charged with federal felony fraud Thursday morning for allegedly receiving $25.9 million i

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