Arrests Made After $1.5M Burbank Home Sold Without Owner or Buyer Knowing

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Federal authorities have arrested four people, including a licensed real estate broker, for allegedly carrying out an elaborate scheme to sell a $1.5 million home in Burbank, California without the knowledge or consent of the actual homeowner or the supposed buyer. The group is accused of using fake identities, forged documents, and even plans to disguise themselves to push through the fraudulent sale and pocket the proceeds.

Why it matters

This case highlights the growing problem of mortgage fraud and real estate scams, which can have devastating financial and emotional impacts on unsuspecting victims. It also raises concerns about the need for stronger oversight and verification processes in the real estate industry to prevent such crimes from occurring.

The details

According to the federal complaint, the group - which included broker Glenis Cardona, Ivan Reyes, Arshak Akopyan, and the still-at-large Basil Tikriti - falsified signatures, submitted fraudulent loan applications, and even discussed using disguises to pose as the buyers and sellers. They allegedly planned to pocket the nearly $1 million loan used to purchase the home. The scheme was only uncovered after the sale closed in 2024 and one of the suspects received a large wire transfer.

• The fraudulent sale of the Burbank home closed on January 3, 2024.
• Glenis Cardona received a $60,000 wire transfer to her U.S. Bank account on the same day the sale closed.

What they’re saying

What’s next

Federal authorities are continuing to investigate the case and search for the remaining suspect, Basil Tikriti. The defendants face up to 30 years in prison if convicted.