Eleven people, including Armenians, have been arrested in the US on fraud charges, the Los Angeles County District Attorney’s Office announced.
The defendants not only stole the elderly people’s personal information but also used it to obtain loans secured by expensive real estate, falsify financial documents, and launder millions of dollars through shell companies.
The total alleged damages in the case are estimated at approximately $17.4 million, with actual damages estimated at approximately $6 million.
“California has no shortage of large-scale fraud schemes. Today’s case is just one in a series of sophisticated schemes through which criminals, including foreign nationals, defrauded US citizens and taxpayers of their hard-earned money. The defendants in this case will face severe penalties,” said First Assistant US Attorney Bill Essely.