Vardges Abelyan, Embezzlement, California 2023

A high-stakes embezzlement scheme has led to the indictment of Vardges Abelyan, 47, in a federal court in Los Angeles.

According to the indictment, Vardges Abelyan, a Los Angeles resident, allegedly embezzled millions of dollars from his employer, leading to the company’s bankruptcy and devastating financial losses for its employees and investors.

The indictment, filed in the United States District Court for the Central District of California, charges Vardges Abelyan with one count of embezzlement, which carries a maximum sentence of 10 years in prison and a fine of $250,000.

Attorneys George G. Mgdesyan and Alexander Baier Schwab are representing Vardges Abelyan in the case, which has sparked widespread outrage in the business community.

The case is being prosecuted by the United States Attorney’s Office for the Central District of California, with Assistant U.S. Attorney [Name] leading the investigation.

A trial date has not yet been set, and Vardges Abelyan is currently being held without bail pending the outcome of the case.

The indictment alleges that Vardges Abelyan used his position of trust to embezzle millions of dollars from his employer, diverting funds to his own personal accounts and using them for lavish spending and investments.

The case serves as a stark reminder of the devastating consequences of corporate greed and the importance of robust internal controls to prevent such abuses.

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