Nearly $1 Million Vanishes in Identity Theft Plot (Image Credits: Sbsun.com)
Burbank – Federal authorities charged a real estate broker and three associates with wire fraud after they allegedly executed a scheme to sell a $1.5 million home using stolen identities.[1]
Nearly $1 Million Vanishes in Identity Theft Plot
The operation netted the suspects about $975,000 in loan proceeds from a lender who approved financing based on forged paperwork. Prosecutors detailed how the group targeted a Burbank homeowner and an unwitting buyer in late 2023 and early January 2024. They impersonated both parties to complete the unauthorized transaction. The lender funded the loan without realizing the documents were fake. Authorities uncovered the plot through an investigation by the U.S. Attorney’s Office in Los Angeles.
Victims included the original homeowner, who lost control of the property, and the purported buyer now responsible for the mortgage. The title company and mortgage business also suffered losses from the deception. Law enforcement emphasized the sophistication of the forged materials used to deceive financial institutions.
Suspects and Their Alleged Roles
Glenis Cardona, a 63-year-old real estate broker from Highland, operated Golden Escrow with offices in Downey and Sherman Oaks. She allegedly controlled the escrow process and directed the loan funds to third parties. Ivan Reyes, 50, from Van Nuys, and Arshak “John” Akopyan, 46, from Northridge, posed as mortgage brokers. Basil Tikriti, 54, from Marina del Rey, remained at large as of the arrests.
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| Name | Age | Location | Alleged Role |
|---|---|---|---|
| Glenis Cardona | 63 | Highland | Escrow operator, represented victims without authority |
| Ivan Reyes | 50 | Van Nuys | Mortgage broker impersonator |
| Arshak “John” Akopyan | 46 | Northridge | Mortgage broker impersonator |
| Basil Tikriti | 54 | Marina del Rey | Impersonated both victims |
Forged Documents Fuel the Deception
The group created a web of counterfeit paperwork to mimic a legitimate sale. They produced false identity cards, a purchase agreement, grant deed, deed of trust, and loan applications. Deeds received false notarizations to appear authentic. Prosecutors noted that Cardona obtained a property evaluation report through her escrow firm.
- Stolen identities of homeowner and buyer used for impersonation.
- Fake loan applications submitted to secure nearly $1 million.
- Escrow controlled to distribute proceeds to co-conspirators.
- Transaction closed without victims’ knowledge or consent.
- Lender disbursed funds based on the deceptive submissions.
Facing Serious Federal Charges
Each defendant faced one count of wire fraud, carrying a potential sentence of up to 30 years in prison if convicted. Authorities arrested Cardona, Reyes, and Akopyan on February 11. Their arraignments occurred on March 19 in federal court. Tikriti evaded capture, prompting an ongoing manhunt.
The U.S. Attorney’s Office highlighted the scheme’s impact on multiple victims, from individuals to businesses. Investigations into real estate fraud have intensified amid rising identity theft cases in property transactions.
Key Takeaways
- A $1.5 million Burbank home served as the centerpiece of the fraud.
- Suspects allegedly pocketed $975,000 through fake loans and identities.
- Wire fraud charges threaten decades in prison for those convicted.
This case underscores vulnerabilities in real estate escrow and lending processes. Homeowners must remain vigilant against identity theft in property dealings. What steps do you take to protect your property records? Share your thoughts in the comments.
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