LOS ANGELES – Federal law enforcement has nabbed eight residents of the San Fernando Valley for a brazen check-kiting scheme that siphoned nearly $1.5 million from Bank of America and Wells Fargo, authorities announced today.
The alleged masterminds, who are accused of using hundreds of altered Armenian passports to open fraudulent accounts, were rounded up this morning following an extensive investigation by U.S. Immigration and Customs Enforcement’s Homeland Security Investigations.
According to a 36-count indictment unsealed today, the defendants exploited bank rules to transfer funds between their fraudulent accounts, only to withdraw them before checks could bounce. They stole or attempted to steal $1,556,336 from Bank of America, netting approximately $1.12 million, while also targeting Wells Fargo with a similar scheme that cost the bank about $370,000.
Those arrested include Ara Malkhasyan, 48, Smbat Khechumyan, 38, Sveta Khechumyan, 45, Harutyun Petrosyants, 30, Artur Harutyunyan, 34, Khachatur Chobanyan, 38, Jivan Hakhnazaryan, 49, and Arman Grigoryan, 37. A ninth defendant, Artak Okhoyan, 29, is expected to surrender tomorrow.
The defendants face conspiracy to commit bank fraud, which carries a maximum sentence of 30 years in federal prison, as well as charges of bank fraud and aggravated identity theft.
Assistant United States Attorneys Katherine A. Rykken, Lucy B. Jennings, and Kevin Butler are prosecuting the case.
Related Federal Cases
- Armenian Passport Fraudsters Nabbed in $14M Money Laundering Ring · California
- Louis Joseph Vadino Convicted in $2.1M Tax Evasion, Passport Fraud · California
- Artful Dodge: Medicare Fraud Case Closed · Pennsylvania
- Tax Fixer Gets 18 Months for $1.2M Fraud Scheme · Alaska
- Feds Offer Lifeline to Banks Hit by California Storms · California
Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Organized Crime
- Source: Official Source ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News