Before dawn on Thursday, FBI agents descended upon a lavish Hollywood mansion, shattering the quiet with a raid targeting a sophisticated mortgage fraud operation. The suspect, caught unaware, was apprehended in his pajamas as agents surrounded the property, hands raised in compliance before being secured in handcuffs.
The operation, dubbed “Hard Money,” centers around an alleged $17.4 million scheme that preyed upon vulnerable elderly homeowners. Prosecutors detail a calculated effort to steal identities and illicitly drain equity from unsuspecting victims, resulting in approximately $6 million in confirmed losses.
Eleven individuals are implicated in the fraud, including citizens of Iran and Azerbaijan. The scheme involved creating fraudulent identities and meticulously crafted documents – fake bank statements, rental agreements, even falsified medical records – to secure high-value loans against the victims’ homes.
Investigators allege the group operated between 2021 and 2023, targeting properties scattered across Los Angeles, from the glamour of Hollywood Hills to the historic streets of Chinatown. The stolen funds were then funneled through a network of shell accounts and fake identities, obscuring the trail of illicit gains.
The properties themselves offered a stark contrast to the alleged crimes. Luxury vehicles lined the driveway of the raided mansion, and recent renovations suggested a lavish lifestyle funded by the scheme’s proceeds. This display of wealth stood in stark opposition to the financial ruin inflicted upon the victims.
Federal prosecutors are pursuing charges of conspiracy to commit wire fraud, wire fraud, aggravated identity theft, and money laundering. Each conviction could carry a sentence of up to 20 years in federal prison, with an additional mandatory two-year term for the identity theft charges.
The investigation, led by the FBI’s Eurasian Organized Crime Task Force, involved collaboration with the IRS Criminal Investigation, the U.S. Postal Inspection Service, and local law enforcement. Authorities emphasized the commitment to dismantling such schemes and protecting American citizens from financial exploitation.
Among those charged are Nazaret Chakrian, Arnold Moradians, Avetis Hekimyan, Ross Tarkhan, Tigran Hovanesian, Armen Vardevaryan, Craig Higdon, Helen Spangler, Victor Lossi, Marine Sarkisian, and Cynthia Borjas. Moradians, an Iranian national, already faces an outstanding warrant for deportation.
The Department of Justice has signaled a firm stance against these types of crimes, vowing to aggressively pursue and prosecute those who target vulnerable populations for financial gain. This operation represents a significant step in that effort, sending a clear message that such predatory practices will not be tolerated.
