ENCINO CONSPIRATORS PLEAD GUILTY TO CONSPIRACY TO COMMIT BANK FRAUD
On last week in federal court in the Central District of California, Encino residents Richard Ayvazyan, 33, and Marietta Ter-Abelian, 27, entered guilty pleas to conspiracy to commit bank fraud before United States District Judge Cormac J. Carney.
Richard Ayvazyan and Marietta Ter-Abelian admitted that they participated in a scheme to fraudulently obtain mortgage loans and lines of credit.
According to the plea agreements, Ayvazyan and Ter-Abelian inflated income loan applications, submitted false forms W-2 and tax returns to federally insured banks in order to obtain residential mortgages and lines of credit. Ayvazyan received a $500,000 line of credit for which he otherwise would not have qualified.
In furtherance of the conspiracy, around July 28, 2010 Ayvazan fraudulently sold his residence in Encino to his mother in a short sale by causing his mother to submit a letter to the financial institution stating that they were not related. The total loss caused by Ayvazyan is estimated to be over $1million.
At sentencing, Ayvazyan and Ter-Abelian each face a maximum sentence of five years of imprisonment; a three year term of supervised release; a fine of $250,000 plus twice the gross gain or loss, whichever is greatest, and a mandatory special assessment of $100, as well as the cost of prosecution.
The investigation was conducted by the Internal Revenue Service-Criminal Investigation and U.S. Immigration and Custom’s Enforcement’s (ICE) Homeland Security Investigations (HSI).