Golden State Today

California Attorney General Rob Bonta announced the sentencing of the final four of 12 individuals involved in a large-scale mortgage fraud scheme. The scheme, which included identity theft and money laundering, resulted in a loss of approximately $15 million over several years. The April 2021 indictment included charges such as conspiracy, mortgage fraud, grand theft, identity theft, forgery, filing a false or forged document, and money laundering.

"These individuals have been held accountable for a pattern of disregard for the law and willingness to go as far as stealing the identities of the deceased just to further their scheme," said Attorney General Bonta. "Thank you to the Los Angeles Police Department and the Federal Housing Finance Agency, Office of Inspector General for their work to put an end to an extensive, six-year fraud scheme that resulted in the theft of an estimated $15 million. Those who cheat the system to line their own pockets will be held accountable for their crimes. I want to thank our incredible attorneys for making sure justice is served. At the California Department of Justice, we will continue to fight fraud and financial crimes wherever they occur."

"I want to thank the officers of the LAPD FHFA-OIG and Attorney General Bonta for this significant arrest and prosecution," said Los Angeles Police Department Assistant Chief Blake Chow. "To victimize individuals and the families of deceased individuals is shocking. These crimes violate the feeling of security and safety for all victims and their families. Our multi-agency task forces will work to seek out other crimes, suspects, and victims to ensure all are held accountable."

"The Federal Housing Finance Agency, Office of Inspector General is committed to holding accountable those who waste, steal or abuse the resources of Government-Sponsored Enterprises regulated by FHFA," said Jay Johnson, Special Agent-in-Charge, FHFA-OIG Western Region. "We are proud to have partnered with the Los Angeles Police Department and California Attorney’s General Office in this case."

Between 2014 and 2020, defendants ran a scheme using stolen identities to obtain mortgage and green loans wired to bank accounts they controlled. They exploited companies like Ygrene Energy Fund and Renew Funding that provide funding for energy-efficient home improvements. They also used false identities to obtain mortgage loans from conventional banks and hard money lenders.

The ringleaders Tamara Dadyan and Richard Ayvazyan were sentenced to 12 years and 10 years in prison respectively. Dadyan’s husband Arthur Ayvazyan received a seven-year sentence. Other defendants received sentences ranging from six months to 11 months in local custody with additional probationary terms; they agreed to pay hundreds of thousands in restitution.

The convictions resulted from a multi-year investigation led by LAPD with significant assistance from FHFA-OIG. The Special Prosecutions Section of California's Department of Justice prosecuted the case.

DOJ’s Special Prosecution Section investigates complex criminal cases primarily related to financial frauds including securities, mortgage fraud; public corruption; “underground economy” offenses like tax fraud; counterfeiting; human trafficking among others often working with federal/local authorities on multijurisdictional criminal activity.