L.A. Feds Pinch Pair For Allegedly Using Property They Didn't Own As Loan Collateral & Fabricating Documents To Support Their False Claims

From the Office of the U.S. Attorney (Los Angeles, California):

• Two brothers were taken into federal custody [...] on charges that they bilked private lenders out of more than $5 million by pledging as collateral properties they did not own and fabricating numerous documents to support their false claims.

• Henrik Sardariani, 42, and his brother, Hamlet Sardariani, 40, both of Sylmar, were arrested without incident [...] by special agents with the Federal Bureau of Investigation and IRS - Criminal Investigation.

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• According to the indictment, which was unsealed after their arrests this morning, the Sardarianis used their fraudulent scheme to obtain well over $5 million from the victim lenders in under eight months.

• The indictment alleges that, to obtain the loans on several properties, the Sardarianis created fraudulent deeds of trust, corporate records and other documents to make it appear that they held title to the properties. The brothers allegedly fabricated fraudulent reconveyances to create the false impression that the other loans on the properties had been paid off and that there was sufficient equity to secure the loans.

• The fraudulent reconveyances bore forged signatures and fraudulent stamps of notaries public, according to the indictment which further alleges that the Sardariani brothers and a co-conspirator presented these fraudulent reconveyances to title companies and victim lenders.

For the U.S. Attorney press release, see Sylmar Brothers Arrested In Loan Fraud Case That Collected Over $5 Million In Only Eight Months.