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 actual losses.
Eleven individuals are implicated in the fraud, including citizens of Iran and Azerbaijan, accused of forging documents and creating false identities to secure high-value loans against the victims’ homes. The scheme involved meticulously crafted fake IDs, email accounts, and falsified financial records.
Investigators allege the group exploited a loophole involving “hard money” loans – short-term, high-interest financing – using the stolen equity to enrich themselves. Funds were then funneled through shell accounts and wired to locations under the suspects’ control, obscuring the trail of stolen money.
The targeted properties spanned across Los Angeles, encompassing affluent neighborhoods like Hollywood Hills and Westwood, as well as historic areas like Chinatown. The mansion raided Thursday showcased recent renovations and a collection of luxury vehicles, hinting at the scale of the alleged ill-gotten gains.
Federal prosecutors emphasize the severity of the crimes, stating this takedown represents a firm stance against widespread fraud within California. They vowed to aggressively pursue those who exploit U.S. citizens and taxpayers through such elaborate schemes.
The defendants – Nazaret Chakrian, Arnold Moradians, Avetis Hekimyan, Ross Tarkhan, Tigran Hovanesian, Armen Vardevaryan, Craig Higdon, Helen Spangler, Victor Lossi, Marine Sarkisian, and Cynthia Borjas – face potentially decades in federal prison. Each count of fraud and money laundering carries a maximum sentence of 20 years.
Adding to the gravity of the charges, several defendants are also accused of aggravated identity theft, which carries a mandatory consecutive two-year sentence. Moradians, an Iranian national with an existing removal warrant, and Sarkisian, an Azerbaijani green card holder, are among those facing the most serious consequences.
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. This coordinated effort underscores the commitment to dismantling complex criminal networks operating within the region.
Authorities believe the fraudulent activity occurred between 2021 and 2023, meticulously targeting elderly individuals and exploiting their trust. The case serves as a stark reminder of the vulnerability of seniors to financial exploitation and the importance of vigilant protection.
