RENTER ACCUSED OF EQUITY LOAN TRY.Byline: Brandon Lowrey Staff Writer VALLEY VILLAGE -- A man who allegedly tried to take out a $500,000 equity line of credit on a home he was renting was caught in an FBI sting operation Noun 1. sting operation - a complicated confidence game planned and executed with great care (especially an operation implemented by undercover agents to apprehend criminals) , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. an arrest affidavit affidavit Written statement made voluntarily, confirmed by the oath or affirmation of the party making it, and signed before an officer empowered to administer such oaths. . Eduard Sargsyan, 55, was arrested and charged with bank fraud Thursday after filling out loan documents at a Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. branch in Sherman Oaks. His loan officer was an undercover agent with the Federal Bureau of Investigation Federal Bureau of Investigation (FBI), division of the U.S. Dept. of Justice charged with investigating all violations of federal laws except those assigned to some other federal agency. . "In this case, the various checks ... in the system worked," said Thom Mrozek, a spokesman for the U.S. Attorney's Office. "You hope that it works before the money goes out the door. Because once the money goes out the door, it's often very hard to recover." The evidence listed in the affidavit goes back to Dec. 17, the date on a forged deed that purportedly pur·port·ed adj. Assumed to be such; supposed: the purported author of the story. pur·port granted Sargsyan ownership of the house in the 12200 block of Magnolia Magnolia, city, United States Magnolia (măgnō`lyə), city (1990 pop. 11,151), seat of Columbia co., SW Ark.; inc. 1855. Its oil industry has been important since 1938. Boulevard. The problem: The signatures on the deed were attributed to the home's deceased former owners, one of whom had been dead since 1992. The current owner is a trust established in their name. Sargsyan applied for the loan over the Internet on March 11, and called the bank nine days later to ask for an immediate $50,000 deposit into his checking account, the affidavit says. On March 31, Sargsyan met with the undercover FBI agent to sign the required documents for a loan. At a second meeting on Friday, he was arrested. If convicted, Sargsyan could serve up to 30 years in federal prison. Federal officials are still investigating a few loose ends in the scheme, Mrozek said. "We've seen mortgage-related fraud cases on a regular basis," Mrozek said. "And I expect to see a rather significant increase over the rest of the year as additional law enforcement resources are dedicated to examining mortgage companies and unscrupulous real estate brokers." brandon.lowrey(at)dailynews.com 818-713-3699 |
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