"There is no shortage of massive fraud occurring within California," Bill Essayli, first assistant United States attorney, said in a statement. "Today’s operation represents one of many sophisticated schemes used by criminals — including foreign nationals — to defraud U.S. citizens and taxpayers of their hard-earned property. Those days are over under this U.S. Department of Justice. These defendants will be facing significant prison time for their charged conduct."
"Massive alleged fraud takedown in California from @FBILosAngeles — well done," FBI Director Kash Patel wrote on X in response to the raid.
All defendants except one are charged with conspiracy to commit wire fraud and multiple counts of wire fraud, while several also face aggravated identity theft and money laundering charges, prosecutors from the U.S. Attorney’s Office for the Central District of California said.
Authorities allege the group targeted elderly homeowners between 2021 and 2023, stealing personal information and using it to create fake IDs and email accounts to impersonate victims. They then applied for high-value "hard money" loans backed by the victims’ properties, submitting falsified documents including bank statements, rental agreements and medical records.
The suspects allegedly used fake identities and shell accounts to funnel the proceeds, which were wired to accounts under their control.
Authorities said the scheme involved properties across Los Angeles — including Hollywood, Hollywood Hills, Westwood and Chinatown.
The defendants are Nazaret Chakrian, 65; Arnold Moradians, 57; Avetis Hekimyan, 38; Ross Tarkhan, 32; Tigran Hovanesian, 56; Armen Vardevaryan, 55; Craig Higdon, 66; Helen Spangler, 62; Victor Lossi, 43; Marine Sarkisian, 49; and Cynthia Borjas, 51.
Two of the suspects are foreign nationals — Moradians, an Iranian national who has an outstanding warrant for removal from the United States, and Sarkisian, an Azerbaijani national and green card holder, prosecutors said.
If convicted, the defendants face up to 20 years in federal prison for each fraud and money laundering count, along with a mandatory two-year consecutive sentence for aggravated identity theft.
The case is being investigated by the FBI-led Eurasian Organized Crime Task Force alongside IRS Criminal Investigation, the U.S. Postal Inspection Service and local law enforcement agencies.