FBI raids Hollywood mansion in $17.4M elderly mortgage fraud case

FBI agents raided a Hollywood mansion Thursday morning, arresting a suspect in pajamas as part of a raid linked to an alleged $17.4 million mortgage fraud scheme targeting elderly homeowners.

Prosecutors said the scheme resulted in actual losses of about $6 million, with 11 suspects — including an Iranian and Azerbaijani national — accused of stealing the victims’ identities, taking out mortgages on their homes and pocketing the money.

During the raid, part of Operation Hard Money, officers surrounded the home and arrested the suspect after he came out with his hands in the air before being handcuffed, FOX 11 reported. Several luxury vehicles were parked outside and the property appeared recently renovated, the outlet reported.

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FBI agents arrest suspect outside Hollywood mansion in raid linked to alleged $17.4 million mortgage fraud scheme targeting elderly homeowners. (FBI Los Angeles)

“There is no shortage of massive fraud in California,” First Assistant U.S. Attorney Bill Essayli said in a statement. “Today’s operation represents one of many sophisticated schemes used by criminals – including foreign nationals – to defraud American citizens and taxpayers of their hard-earned assets. Those days are over under this U.S. Department of Justice. These defendants face significant prison time for their alleged conduct.”

“Massive crackdown on suspected fraud 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 but one of the defendants are charged with conspiracy to commit wire fraud and multiple counts of wire fraud, while several also face aggravated charges of identity theft and money laundering, prosecutors with the U.S. Attorney’s Office for the Central District of California said.

Authorities say the group targeted homeowners aged between 2021 and 2023, stealing personal information and using it to create fake IDs and email accounts to pose as the victims. They then applied for high-value “hard money” loans secured by the victims’ properties, submitting falsified documents, including bank statements, rental agreements and medical records.

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After four years of investigation, the FBI’s Eurasian Organized Crime Task Force has arrested 11 suspects as part of “Operation Hard Money,” accusing them of stealing the identities of elderly victims in order to fraudulently obtain loans against their properties. (@FBILosAngeles / X)

The suspects allegedly used fake identities and fictitious accounts to route the profits, which were then transferred to accounts under their control.

Officials said the project involves properties across Los Angeles, including Hollywood, Hollywood Hills, Westwood and Chinatown.

The accused are Nazaret Chakrian, 65; Arnold Moradians, 57; Avetis Hekimian, 38 years old; Ross Tarkhan, 32; Tigran Hovanesian, 56 years old; Armen Vardevarian, 55 years old; Craig Higdon, 66; Hélène Spangler, 62 years old; Victor Lossi, 43 years old; Marine Sarkissian, 49 years old; and Cynthia Borjas, 51.

FBI agents arrest suspect outside Hollywood mansion in raid linked to 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 is the subject of a U.S. deportation warrant, and Sarkisian, an Azerbaijani national and green card holder, prosecutors said.

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If convicted, the defendants face up to 20 years in federal prison for each count of fraud and money laundering, as well as a mandatory sentence of two years consecutive for aggravated identity theft.

The case is being investigated by the FBI-led Eurasian Organized Crime Task Force, alongside IRS Criminal Investigation, the United States Postal Inspection Service and local law enforcement.