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In a dramatic early morning operation on Thursday, FBI agents stormed a Hollywood estate, apprehending a suspect clad in pajamas. The raid is part of an investigation into an alleged $17.4 million mortgage fraud scheme preying on elderly homeowners.
According to prosecutors, the fraudulent scheme led to around $6 million in actual financial damage. Eleven individuals, including nationals from Iran and Azerbaijan, stand accused of identity theft, securing mortgages on victims’ properties, and embezzling the funds.
As part of their strategic maneuver dubbed Operation Hard Money, agents encircled the residence, and the suspect surrendered peacefully, exiting with raised hands before being restrained, as reported by FOX 11. The scene was marked by several high-end vehicles parked outside, and the home appeared to have undergone recent renovations.
FBI personnel detain a suspect in front of a Hollywood mansion during an operation linked to an alleged $17.4 million mortgage fraud targeting senior homeowners. (FBI Los Angeles)
Bill Essayli, the first assistant United States attorney, remarked, “California is not short on significant fraud cases. Today’s operation sheds light on one of many advanced schemes employed by criminals — including international operatives — to deceive U.S. citizens and taxpayers out of their valued assets. These practices will be curtailed under the current U.S. Department of Justice. The accused individuals are now facing the prospect of lengthy prison sentences for their alleged actions.”
“Massive alleged fraud takedown in California from @FBILosAngeles — well done,” FBI Director Kash Patel wrote on X in response to the raid.
FBI Director Kash Patel praised the operation. (REUTERS/Kevin Lamarque)
All defendants except one are charged with conspiracy to commit wire fraud and multiple counts of wire fraud, while several also face aggravated identity theft and money laundering charges, prosecutors from the U.S. Attorney’s Office for the Central District of California said.
Authorities allege the group targeted elderly homeowners between 2021 and 2023, stealing personal information and using it to create fake IDs and email accounts to impersonate victims. They then applied for high-value “hard money” loans backed by the victims’ properties, submitting falsified documents including bank statements, rental agreements and medical records.
After a four-year probe, the FBI’s Eurasian Organized Crime Task Force arrested 11 suspects in “Operation Hard Money,” accusing them of stealing elderly victims’ identities to fraudulently secure loans against their properties. (@FBILosAngeles / X)
The suspects allegedly used fake identities and shell accounts to funnel the proceeds, which were wired to accounts under their control.
Authorities said the scheme involved properties across Los Angeles — including Hollywood, Hollywood Hills, Westwood and Chinatown.
The defendants are Nazaret Chakrian, 65; Arnold Moradians, 57; Avetis Hekimyan, 38; Ross Tarkhan, 32; Tigran Hovanesian, 56; Armen Vardevaryan, 55; Craig Higdon, 66; Helen Spangler, 62; Victor Lossi, 43; Marine Sarkisian, 49; and Cynthia Borjas, 51.
FBI agents take a suspect into custody outside a Hollywood mansion during a raid linked to an alleged $17.4 million mortgage fraud scheme targeting elderly homeowners. (FOX 11/KTTV)
Two of the suspects are foreign nationals — Moradians, an Iranian national who has an outstanding warrant for removal from the United States, and Sarkisian, an Azerbaijani national and green card holder, prosecutors said.
If convicted, the defendants face up to 20 years in federal prison for each fraud and money laundering count, along with a mandatory two-year consecutive sentence for aggravated identity theft.
The case is being investigated by the FBI-led Eurasian Organized Crime Task Force alongside IRS Criminal Investigation, the U.S. Postal Inspection Service and local law enforcement agencies.