Alleged Burbank Home Fraud Involved Neither Seller Nor Buyer

Federal prosecutors have charged four individuals in a fraud scheme that resulted in the bogus sale of a Burbank home for $1.5 million, with neither the legitimate homeowner nor the purported buyer aware of the transaction.

According to a federal complaint, the group — which included licensed real estate broker Glenis Cardona, along with Ivan Reyes, Arshak Akopyan and fugitive Basil Tikriti — used forged signatures, falsified loan applications and fabricated identities to orchestrate the scam, the Los Angeles Times reported. Three of the suspects were arrested on Feb. 11.

The scheme centered on securing nearly $1 million from a mortgage loan.

After the sale closed in January 2024, Cardona received a $60,000 wire transfer, which she quickly spent on big-money retail purchases and on a new car.

The fraud came to light when employees at third‑party entities handling loan disbursements flagged suspicious wire activity. One gold‑purchasing business became alarmed when a caller attempted to pick up gold using the homeowner’s phone number, but with a different name. The title company also raised concerns, prompting further scrutiny.

Federal investigators uncovered evidence while examining WhatsApp and Signal messages tied to a separate mortgage‑fraud case. A cooperating witness provided access to communications in which the defendants discussed property targets, access logistics and even the need to recruit impostors to pose as elderly buyers and sellers before a notary.

Tikriti, who has prior convictions for identity theft and grand theft, joked about using gray hair spray and a cane to age an accomplice.

“I don’t have old 65 yr old guys at my disposal to play ball,” a message from Tikriti stated, according to the Times. “I’m not a casting director.”

Burbank Police had already opened an investigation after the real homeowner reported that his property had been sold without his knowledge. The supposed buyer later told police they were unaware of the purchase and were suddenly responsible for a $975,000 mortgage.

Mortgage fraud is nothing new — alleged culprits range from New York Attorney General Letitia James to Texas Attorney General Ken Paxton — but usually one of the parties is involved in the scam. One convicted fraudster described it as “a drug.”

The defendants face up to 30 years in federal prison if convicted.

— Joel Russell