JEWELER PLEADS GUILTY TO FRAUD.

Byline: Bhavna Mistry Staff Writer

LOS ANGELES - A Canyon Country jeweler who was indicted on 39 federal charges - accused of siphoning millions from numerous banks - has pleaded guilty to loan fraud.

Nelson Altounian, 53, pleaded guilty July 23 to charges that he made false statements to a bank, after police said he lied to a bank official to obtain a loan to purchase an automobile.

Altounian, who owns Altounian's Jewelry store, previously known as Gold Crest Jewelers in Canyon Country, is scheduled to be sentenced later this year. He faces up to 30 years in prison, with five years' probation and a $2 million fine.

FBI officials said Altounian submitted federal tax returns to People's Bank in 1997 showing he had earned $162,000 in 1994 and $131,000 in 1995.

But the tax returns he submitted to the IRS showed he made less than $50,000 in each year.

``Defendant knew that the tax returns that he submitted to People's Bank were false,'' court documents said. ``Defendant submitted the false tax returns to People's Bank for the purpose of influencing People's Bank to provide him with an automobile loan.''

As part of a plea agreement, officials said, Altounian told police he also is guilty of bank fraud, wire fraud, and using forged checks and phony wire transfer authorization letters to take money from more than nine banks.

Investigators described Altounian's case as a ``check-writing scheme.''

Officials also said Altounian was convicted of similar charges in Glendale, where he first owned a jewelry store. At that time he was arrested on suspicion of cashing stolen checks and submitting counterfeit checks to a bank.