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Thursday, 02 December 2021 18:54

7 Members of LA-Based Fraud Ring Sentenced for Multimillion-Dollar COVID-19 Relief Scheme

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Seven members of a Los Angeles-based fraud ring were sentenced for a scheme to fraudulently obtain more than $20 million in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) COVID-19 relief funds.

On Nov. 15, Judge Stephen V. Wilson of the U.S. District Court for the Central District of California sentenced Richard Ayvazyan, 43, to 17 years in prison; Marietta Terabelian, 37, to six years in prison; and Artur Ayvazyan, 41, to five years in prison, all of Encino, for engaging in the scheme.
 
Previously, Wilson sentenced Manuk Grigoryan, 28, of Sun Valley, to six years in prison on Oct. 25; Edvard Paronyan, 41, of Granada Hills, to 30 months in prison on Sept. 27; Vahe Dadyan, 42, of Glendale, to one year and one day in prison on Oct. 18; and Arman Hayrapetyan, 39, of Glendale, to 10 months of probation on Oct. 18.

 

Tamara Dadyan, 42, of Encino, is scheduled to be sentenced on Dec. 6. 

 

According to court documents and evidence presented at a June trial, the defendants used dozens of fake, stolen or synthetic identities---including names belonging to elderly or deceased people and foreign exchange students who briefly visited the U.S. years ago and never returned---to submit fraudulent applications for approximately 150 PPP and EIDL loans.

 

In support of the fraudulent loan applications, the defendants also submitted false and fictitious documents to lenders and the Small Business Administration (SBA), including fake identity documents, tax documents and payroll records.

 

The defendants then used the fraudulently obtained funds as down payments on luxury homes in Tarzana, Glendale and Palm Desert. They also used the funds to buy gold coins, diamonds, jewelry, luxury watches, fine imported furnishings, designer handbags, clothing and a Harley-Davidson motorcycle. The conspirators sought to fraudulently obtain more than $20 million in COVID-19 relief funds.

 

“The defendants engaged in a scheme to...


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