FBI Breaks Up Identity Theft Ring in California

The FBI recently disrupted a scheme in California involving several individuals, including foreign nationals, who allegedly exploited the identities of elderly Americans to secure fraudulent loans. This operation, named “Operation Hard Money,” was primarily based in Los Angeles.

This month, authorities announced 15 indictments leading to 11 arrests in connection with the case. The United States Attorney’s Office for the Central District of California shared details about the operation.

According to the indictment, the accused individuals allegedly stole personal information from elderly victims to acquire title reports for residential properties. They then orchestrated a plan to solicit multimillion-dollar hard money loans from private lenders, falsely claiming that these properties were being used as collateral.

The individuals arrested and charged include Nazaret Chakrian, Avetis Hekimya, Ros Tarkan, Tigran Hovanesia, Armen Valdevarian, Craig Higdon, Helen Spangler, Victor Rossi, and Cynthia Borjas. Most reside in the Los Angeles area, except for Craig Higdon, who is from Florida. Additionally, two foreign nationals were apprehended: Arnold Moradian, an Iranian, and a marine identified as Mr. Sarkissian, who is of Azerbaijani descent.

The suspects face multiple charges, including conspiracy to commit wire fraud, wire fraud, identity theft, and money laundering.

Assistant U.S. Attorney Bill Esseri commented, “Massive fraud continues in California. Today’s operation is part of a larger trend where criminals, including those from abroad, target American citizens and taxpayers, attempting to steal their hard-earned assets. Under the U.S. Department of Justice, this kind of activity is coming to an end. These individuals will likely face significant prison time for their actions.”

Special Agent in Charge Tyler Hatcher of the IRS-CI Los Angeles Field Office added, “These defendants not only invaded personal privacy but also exploited stolen information to obtain large real estate loans, falsified financial documents, and facilitate millions in transactions through a network of fraudulent shell companies and accounts. Our team meticulously tracked every wire, every transfer, and every fake account to dismantle the financial core of this operation.” He emphasized that the indictment represents a decisive move to hold accountable those who take advantage of the financial system.

If found guilty, the defendants could face a maximum sentence of 20 years in federal prison for each of the fraud and money laundering charges. The charge for felony identity theft carries a mandatory two consecutive years in federal prison, as reported by federal authorities.