LOS ANGELES - Four Los Angeles County residents were found guilty of illegally taking millions of dollars from COVID-19 relief programs.
According to the U.S. Department of Justice (DOJ), the following people were found guilty Friday, June 25:
- Richard, Ayvazyan, 42, of Encino
- Marietta Terabelian, 37, of Encino
- Artur Ayvazyan, 41, of Encino
- Vahe Dadyan, 41, of Glendale
All four were convicted of one count of conspiracy to commit bank fraud and wire fraud, 11 counts of wire fraud, eight counts of bank fraud and one count of conspiracy to commit money laundering. Richard Ayvazyan was convicted of two counts of aggravated identity theft. Artur Ayvazyan also was found guilty of one count of aggravated identity theft. Vahe Dadyan also convicted of one count of money laundering.
According to the DOJ, the suspects used fake names to submit fake applications for PPP and EIDL loans. The suspects then used the fraudulently-obtained money to use as down payments on luxury homes in Tarzana, Glendale and Palm Desert, DOJ said.
They also used the money to buy gold coins, diamonds, jewelry, luxury watches and a Harley-Davidson motorcycle. In total, the suspects obtained more than $18 million in COVID-19 relief funds.