Home / Crime and Justice / FBI Nabs Suspect in $17.4M Elder Mortgage Fraud Scheme
FBI Nabs Suspect in $17.4M Elder Mortgage Fraud Scheme
22 Mar
Summary
- FBI agents arrested a suspect in pajamas linked to a $17.4 million mortgage fraud.
- The scheme allegedly defrauded elderly homeowners out of $6 million in actual losses.
- Eleven suspects, including foreign nationals, are accused of identity theft and fraud.
Early Thursday, FBI agents executed a raid on a Hollywood mansion, leading to the arrest of a suspect in pajamas. This action is tied to an alleged $17.4 million mortgage fraud scheme that investigators say targeted elderly homeowners.
Prosecutors detailed that the scheme, responsible for approximately $6 million in actual financial losses, involved 11 suspects. These individuals are accused of stealing victims' identities to obtain mortgages on their homes and subsequently pocketing the funds. The operation, named "Operation Hard Money," involved surrounding the mansion and apprehending the suspect as he exited the property.
Authorities revealed the alleged fraud occurred between 2021 and 2023. The suspects purportedly stole personal information from elderly homeowners to create fake identities and impersonate them when applying for high-value "hard money" loans. Falsified documents were submitted to secure these loans, with proceeds funneled through shell accounts.
"There is no shortage of massive fraud occurring within California," stated Bill Essayli, first assistant United States attorney. He emphasized that sophisticated schemes, often involving foreign nationals, are being countered by the Department of Justice. The arrested individuals face significant prison time if convicted.
Among the 11 defendants are Nazaret Chakrian, Arnold Moradians, Avetis Hekimyan, Ross Tarkhan, Tigran Hovanesian, Armen Vardevaryan, Craig Higdon, Helen Spangler, Victor Lossi, Marine Sarkisian, and Cynthia Borjas. Notably, Arnold Moradians is an Iranian national with an outstanding removal warrant, and Marine Sarkisian is an Azerbaijani national and green card holder.
If convicted, defendants face up to 20 years in federal prison per fraud and money laundering count, plus a mandatory two-year consecutive sentence for aggravated identity theft charges. The investigation is a collaborative effort by the FBI-led Eurasian Organized Crime Task Force, IRS Criminal Investigation, the U.S. Postal Inspection Service, and local law enforcement.
