California Attorney General Announces Indictments in $15 Million Mortgage Fraud Scheme

A major mortgage fraud and “green” loan scheme has been uncovered in Southern California, resulting in losses of approximately $15 million. The California Attorney General’s Office announced on Wednesday that a dozen individuals have been indicted in connection with the elaborate scheme that operated in Los Angeles, Riverside, and Ventura counties.

The 133-count grand jury indictment, handed up on April 26, includes charges of conspiracy, mortgage fraud, grand theft, identity theft, forgery, filing false documents, and money laundering. The defendants allegedly took advantage of companies like Yrgene Energy Fund and Renew Funding, using false identities to secure mortgage loans from traditional banks and hard money lenders.

California Attorney General Rob Bonta expressed outrage at the alleged actions of the defendants, stating, “The allegations against these defendants charge a pattern of disregard for the law and willingness to go as far as stealing the identities of the deceased just to further their scheme.” The Attorney General’s Office is committed to holding the defendants accountable for their actions.

The individuals named in the indictment include Tamara Dadyan, Richard Ayvazyan, Artur Ayvazyan, Grigor Tatoian, Andranik Petrosyan, Arshak Bartoumian, Artashes Martirosyan, Lilit Malyan, Lubia Carrillo, Rosa Zarate, Estephanie Reynoso, and Vanessa Bell. Eleven of the defendants have pleaded not guilty, with Malyan scheduled for arraignment on May 18.

The case was the result of a thorough investigation by the Los Angeles Police Department, with assistance from the Federal Housing Finance Agency, Office of Inspector General. The attorney general commended both agencies for their efforts in uncovering and putting an end to the extensive fraud scheme that spanned six years and resulted in significant financial losses.

Victims or individuals with information related to the case are encouraged to contact the LAPD at 213-486-6979. The investigation into the mortgage fraud and “green” loan scheme is ongoing, with authorities working diligently to bring all responsible parties to justice.