FBI Targets Fraud Ring in North Hollywood
FBI agents descended upon a North Hollywood mansion linked to a suspect accused of running a fraudulent scheme that targeted elderly homeowners in Los Angeles, potentially costing them around $15 million.
Early Thursday morning, a team of law enforcement moved in to arrest Armen Valdevarian, illuminating his large white home with bright spotlights.
“You are under arrest,” an officer declared through a bullhorn. “Please come out with your hands up!”
Authorities allege that Valdevarian, along with over a dozen accomplices, stole identities from elderly property owners, applied for loans, and then leveraged those properties as collateral.
In a coordinated operation, federal agents arrested nine individuals linked to this organized crime group during eight separate raids throughout Los Angeles County.
Valdevarian exited his home barefoot and in pajamas, complying with the agents, who were equipped with a flak vest and an AR-15 rifle. The other arrests proceeded without major incidents.
Twelve people were charged following a federal indictment revealed on Thursday.
These suspects could face serious federal charges, including fraud, money laundering, and identity theft. By Thursday morning, they were undergoing processing at the LAPD’s Glendale station.
FBI Deputy Director Akil Davis mentioned that the agency had been investigating this crime ring for several months.
“This is a complex fraud scheme where individuals misuse homeowners’ identities to illegally secure funds,” he noted.
According to Davis, they typically start by stealing the homeowner’s identity and then create various schemes to obtain mortgages.
This approach allowed the alleged fraudsters to siphon millions through fraudulent home loans.
“They live lavishly off the proceeds of these illegal activities,” Davis added.
He indicated that identity theft targeting homeowners is becoming increasingly prevalent and assured that federal law enforcement remains committed to pursuing this and similar crime groups.
“This is a top priority for us,” Davis said, emphasizing the need to recover stolen funds and return them to the rightful owners.
