WASHINGTON – In a shocking case of financial deceit, a former Wells Fargo branch manager in Glendale, California, has been convicted of laundering over $1 million in profits from a trademark scam.
Albert Yagubyan, 37, of Burbank, California, was found guilty of one count of conspiracy to launder monetary instruments, four counts of concealment money laundering, and one count of false bank entries.
The scheme, which lasted from June 27, 2014, to September 18, 2015, involved the use of two companies, the ‘Trademark Compliance Center’ (TCC) and the ‘Trademark Compliance Office’ (TCO), to offer fraudulent registration and monitoring services to trademark applicants.
Yagubyan used his position at Wells Fargo to launder the funds by instructing subordinates to open bogus bank accounts, process fraudulent withdrawals, wire transfers, and cashier’s checks for his co-conspirators, including Artashes Darbinyan, 37, of Glendale, California, and Orbel Hakobyan, 42, also of Glendale.
The investigation, led by the U.S. Postal Inspection Service and the Internal Revenue Service’s Criminal Investigation division, has resulted in a total of five convictions.
Darbinyan and Hakobyan pleaded guilty in December 2016 to mail fraud and money laundering charges and are scheduled for sentencing on June 19, 2017, before U.S. District Judge Stephen V. Wilson.
Yagubyan’s sentencing has been scheduled for May 22, 2017. This case serves as a stark reminder of the importance of financial regulation and the consequences of financial deceit.
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Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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