Federal agents descended on a luxury Hollywood mansion early Thursday, arresting a suspect in connection with a sophisticated $17.4 million mortgage fraud scheme targeting elderly homeowners. The raid, part of a multi-agency sweep dubbed “Operation Hard Money,” marks the climax of a years-long investigation into a syndicate accused of stripping equity from some of Los Angeles’ most vulnerable residents.
Federal prosecutors state the group targeted properties across Hollywood, the Hollywood Hills, Westwood, and Chinatown between 2021 and 2023. The 11 defendants allegedly stole victims’ identities to secure high-value “hard money” loans, siphoning approximately $6 million in actual losses into shell accounts.
A Sophisticated Exploitation of the Elderly
According to the U.S. Attorney’s Office for the Central District of California, the group utilized a complex web of forgery and impersonation. The suspects allegedly created counterfeit IDs, email accounts, and falsified medical records to pose as the elderly homeowners. By submitting forged bank statements and rental agreements, they secured massive loans against the victims’ properties without their knowledge.
The proceeds were then funneled through a series of shell accounts and laundered to conceal the trail. “Today’s operation represents one of many sophisticated schemes used by criminals—including foreign nationals—to defraud U.S. citizens of their hard-earned property,” said Bill Essayli, First Assistant United States Attorney.
International and Domestic Suspects Charged
The investigation identified 11 primary defendants, including two foreign nationals. Among those charged is Arnold Moradians, 57, an Iranian national currently facing an outstanding removal warrant from the United States, and Marine Sarkisian, 49, an Azerbaijani national.
Other defendants named in the federal indictment include:
- Nazaret Chakrian, 65
- Avetis Hekimyan, 38
- Ross Tarkhan, 32
- Tigran Hovanesian, 56
FBI Director Kash Patel commended the regional task force on social media, describing the bust as a “massive alleged fraud takedown.”
Severe Legal Consequences
The defendants face a barrage of federal charges, including conspiracy to commit wire fraud, money laundering, and aggravated identity theft. If convicted, the statutory maximum for each fraud and money laundering count is 20 years in federal prison. Furthermore, the identity theft charges carry a mandatory two-year consecutive sentence.
The case remains under investigation by the FBI-led Eurasian Organized Crime Task Force, supported by IRS Criminal Investigation and the U.S. Postal Inspection Service.
