Federal prosecutors say a Burbank homeowner lost his $1.5 million house after a crew of fraudsters slipped in with stolen identities, forged paperwork and a cooperative escrow office, quietly selling the property and walking off with roughly $975,000 in mortgage funds.
Three suspects were arrested this week and a fourth is still on the run, according to a press release from the U.S. Attorney’s Office for the Central District of California. Prosecutors identified the arrested defendants as Glenis Cardona, 63, Ivan Reyes, 50, and Arshak Akopyan, 46, and said they were taken into custody on February 11. Authorities are still searching for 54-year-old Basil Tikriti, who is accused of impersonating both the legitimate homeowner and a would-be buyer to push the deal through.
How prosecutors say the scam worked
Investigators say the group put together an entire fake deal from scratch, complete with bogus identity cards, a purchase agreement, a grant deed, a deed of trust and loan applications, according to KTLA. The deeds were allegedly falsely notarized, then submitted to a lender that approved the mortgage, apparently unaware the real homeowner had no idea his property was being sold.
The alleged transactions took place in late 2023 and January 2024. Prosecutors say about $975,000 in loan proceeds were funneled into third-party accounts controlled by the schemers, rather than going to the actual homeowner or a legitimate seller.
Escrow company and victims
Cardona allegedly controlled the escrow through her company, Golden Escrow, which prosecutors say has offices in Sherman Oaks and Downey. According to the federal complaint, she directed the deposited funds to various third-party entities so members of the scheme could collect the money.
The fallout list is long. Prosecutors say the true homeowner lost title to his house, while a purported buyer ended up saddled with a nearly $1 million mortgage tied to a property he apparently did not really own. The lender that approved the loan and a title company that insured the transaction were also left holding the bag, officials said in the federal press release.
Legal next steps
A complaint and affidavit were filed on January 30, and the arrested defendants were expected to make their initial appearances in federal court in Los Angeles, according to KTLA. Prosecutors say each defendant faces a statutory maximum sentence of 30 years in federal prison if convicted.
The FBI is leading the investigation with assistance from the Burbank Police Department, according to the same report.
Why this matters
Mortgage and identity-fraud schemes have siphoned off millions of dollars across California in recent years, prompting state and federal crackdowns. The California Department of Justice has highlighted a separate mortgage-fraud case that generated roughly $15 million in losses as part of a broader pattern of real estate scams targeting both homeowners and financial institutions.
