Glendale Man Sentenced to 2 Years in Prison for Mortgage Fraud Scheme in Carmichael, California
SACRAMENTO, Calif. — U.S. District Judge Garland E. Burrell Jr. sentenced Koryun Hakobyan, 64, of Glendale, to two years in prison for his role as a straw buyer in a mortgage fraud scheme, U.S. Attorney McGregor W. Scott announced.
The investigation revealed that Hakobyan was recruited to act as a purchaser of a house in Carmichael. Hakobyan signed the loan application that was prepared for him, although he knew that the information in the application was false.
According to court documents, Hakobyan was given false information about his income, assets, employment, and intent to occupy the house. Based on this false information, the lender agreed to 100 percent financing and wired approximately $824,000 to buy the house.
Hakobyan never lived in the house, and instead, another person moved in. Two months after the purchase, Hakobyan applied for a $200,000 Home Equity Line of Credit based on a fraudulent application that misrepresented his length of ownership, his employer, gross monthly income, and the outstanding loan balance.
Once Hakobyan received the HELOC, he withdrew the money and transferred most of it to his daughter and son-in-law. Because of Hakobyan’s fraudulent loan applications, banks lent more than a million dollars, and when he defaulted, the lenders lost approximately $580,000.
This case was the product of an investigation by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation. Assistant U.S. Attorney Lee S. Bickley prosecuted the case.
Related Federal Cases
- McKenzie Marie Earley, $10M Wire Fraud, C.D. California, 2023 · Pennsylvania
- Keith Nelson Cook, Mortgage Fraud Scheme, Salt Lake City UT, 2023 · Michigan
- Bruce Choi, COVID-19 Relief Fraud, Los Angeles CA, 2023 · Alabama
- Irina Segal, Medicare Fraud, Philadelphia PA, 2023 · Pennsylvania
- Frank Hamilton Sentenced to 5.5 Years for SBA Scam, California, 2023 · Alabama
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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