HOLLYWOOD, CA — FBI agents arrested 11 people Thursday morning in a $17.4 million mortgage fraud scheme that targeted elderly homeowners across Los Angeles, including Iranian and Azerbaijani nationals who used stolen identities to secure fraudulent loans against victims’ properties.
The arrests came after a four-year investigation by the FBI’s Eurasian Organized Crime Task Force, which prosecutors said resulted in about $6 million in actual losses to elderly victims between 2021 and 2023. The suspects allegedly stole personal information from seniors to create fake identities and email accounts, then applied for high-value “hard money” loans backed by the victims’ homes without their knowledge. Bill Essayli, first assistant United States attorney, said the operation represents “one of many sophisticated schemes used by criminals — including foreign nationals — to defraud U.S. citizens and taxpayers of their hard-earned property.”
During the dawn raid at a Hollywood mansion, part of “Operation Hard Money,” FBI agents surrounded the property and arrested a suspect who walked out in pajamas with his hands raised before being handcuffed. Several luxury vehicles were parked outside the recently remodeled property, according to FOX 11 reports. FBI Director Kash Patel praised the operation on social media, writing “Massive alleged fraud takedown in California from @FBILosAngeles — well done.” The raid targeted properties across Los Angeles including Hollywood, Hollywood Hills, Westwood and Chinatown, where authorities said the fraudulent loan applications were processed using falsified bank statements, rental agreements and medical records.
All defendants except one are charged with conspiracy to commit wire fraud and multiple counts of wire fraud, while several also face aggravated identity theft and money laundering charges, according to prosecutors from the U.S. Attorney’s Office for the Central District of California. The 11 defendants are Nazaret Chakrian, 65; Arnold Moradians, 57; Avetis Hekimyan, 38; Ross Tarkhan, 32; Tigran Hovanesian, 56; Armen Vardevaryan, 55; Craig Higdon, 66; Helen Spangler, 62; Victor Lossi, 43; Marine Sarkisian, 49; and Cynthia Borjas, 51. Two suspects are foreign nationals: Moradians, an Iranian citizen with an outstanding removal warrant, and Sarkisian, an Azerbaijani national and green card holder. The suspects allegedly funneled loan proceeds through fake identities and shell accounts to accounts under their control.
The scheme targeted vulnerable elderly homeowners who were often unaware that mortgages were being taken out against their properties, according to federal authorities. Financial crimes against seniors have become an escalating concern nationwide, with many older adults living on fixed incomes and lacking knowledge about complex financial transactions. Advocacy groups including the National Council on Aging have initiated education campaigns to help seniors recognize warning signs of fraudulent activities. The FBI has established a confidential hotline for additional victims to report similar experiences, as investigators believe the network may have impacted more elderly homeowners than currently known.
The case is being investigated by multiple federal agencies including the FBI-led Eurasian Organized Crime Task Force, IRS Criminal Investigation, the U.S. Postal Inspection Service and local law enforcement agencies. If convicted, defendants face up to 20 years in federal prison for each fraud and money laundering count, along with a mandatory two-year consecutive sentence for aggravated identity theft charges. Federal prosecutors are preparing to file additional charges as the investigation continues to uncover the full scope of the operation. Legal experts suggest the case could lead to stricter regulations and oversight in the mortgage industry, particularly protections aimed at elderly homeowners who may be targeted by similar schemes.
Community residents expressed shock at the high-profile nature of the arrests, with many unaware of the alleged criminal activity occurring in their affluent neighborhood. “I never would have guessed that such serious criminal activity could happen right here,” said one neighbor who requested anonymity. Local elder advocacy groups are ramping up efforts to educate older adults about their financial rights, offering seminars and consultations to ensure vulnerable populations are better informed about mortgage fraud schemes. Mary Johnson, a representative from a local elder advocacy group, said “It’s crucial that seniors feel empowered to ask questions and seek help when it comes to their finances.”
The investigation remains active as federal authorities continue to examine evidence seized during Thursday’s raids and pursue additional leads. Prosecutors have not announced a timeline for when formal charges will be filed, but legal proceedings are expected to begin within the coming weeks as the case moves through the federal court system.
