An Armenian man, Koryun Hakobyan from Glendale, California, USA, has been convicted for bank fraud.
Armenian convicted in US bank fraud
STEPANAKERT, MARCH 22, ARTSAKHPRESS:Hakobyan, 64, was sentenced to two years in prison for acting as a fake buyer in a mortgage fraud scheme, reported SlavicSac.com
According to the court documents, he pretended to be a home buyer in Carmichael, California, and signed a loan application knowing that the information he provided in it is false.
And based on the false documents he submitted, the bank approved the loan agreement for the purchase of a house and transferred $824 thousand for this transaction.
But later, it turned out that someone else was living in this house instead of Hakobyan. It was found out that two months after buying the house, Hakobyan had received a $200,000-loan by putting up real estate as collateral, and again by submitting false documents to the bank. And after receiving the money, he had transferred most of it to the bank account of his daughter and son-in-law.
Based on false applications, lenders had paid half a million dollars and lost $580 thousand.
