In the early hours of Thursday, FBI agents descended upon a Hollywood mansion, arresting a pajama-clad suspect in connection with an alleged $17.4 million mortgage fraud scheme. This operation, which targeted elderly homeowners, culminated in the suspect’s arrest in a dramatic pre-dawn raid.
Authorities revealed that this intricate scheme resulted in approximately $6 million in actual financial losses. The operation allegedly involved 11 suspects, including individuals from Iran and Azerbaijan, who are accused of committing identity theft. They purportedly took out mortgages on the homes of unsuspecting victims, subsequently siphoning off the funds for personal gain.
As part of the well-coordinated Operation Hard Money, FBI agents surrounded the property, ultimately apprehending the suspect as he emerged with his hands raised in surrender before being handcuffed. FOX 11 reported that several luxury cars were parked at the scene, and the mansion appeared to have undergone recent renovations, indicating a lavish lifestyle funded by illicit activities.
The arrest was a significant move in the ongoing fight against widespread fraud in California. Bill Essayli, the First Assistant United States Attorney, emphasized the gravity of the situation, stating, “There is no shortage of massive fraud occurring within California. 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.” He assured the public that the Department of Justice is committed to ensuring such fraudulent activities are a thing of the past, with substantial prison sentences awaiting those convicted.
In a show of support and commendation for the operation, FBI Director Kash Patel took to social media, writing, “Massive alleged fraud takedown in California from @FBILosAngeles — well done.” This operation marks a notable victory in the ongoing efforts to combat financial crimes targeting vulnerable populations.
“Massive alleged fraud takedown in California from @FBILosAngeles — well done,” FBI Director Kash Patel wrote on X in response to the raid.
FBI Director Kash Patel praised the operation. (REUTERS/Kevin Lamarque)
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.
After a four-year probe, the FBI’s Eurasian Organized Crime Task Force arrested 11 suspects in “Operation Hard Money,” accusing them of stealing elderly victims’ identities to fraudulently secure loans against their properties. (@FBILosAngeles / X)
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.
FBI agents take a suspect into custody outside a Hollywood mansion during a raid linked to an alleged $17.4 million mortgage fraud scheme targeting elderly homeowners. (FOX 11/KTTV)
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.
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