A member of the Armenian Power organized crime group and three associates were convicted of one of the largest identity theft and bank fraud schemes in the history of California, authorities said. The trial lasted five weeks. Dozens of victims in four states were affected, and millions of dollars stolen.

Arman Sharopetrosian, a member of the Armenian Power organized crime group, and the group’s three associates Karen Markosian,

Artush Margaryan and Kristine Ogandzhanyan were convicted of conspiring to commit bank fraud, attempted bank fraud and various counts of aggravated identity theft. Sharopetrosian, Markosian and Ogandzhanyan waived their right to a trial by jury, and consented to trial by the judge. The fourth defendant, Margaryan, was tried by jury.

Ogandzhanyan was found guilty on March 22, while the remaining three defendants were convicted on March 16.

Sharopetrosian and his co-defendant Angus Brown conducted a large scale fraud scheme while serving time at Avenal State Prison. Sharopetrosian and Brown used cell phones smuggled into the prison to coordinate with Ogandzhanyn, Markosian and Margaryan and others. The group was able to obtain confidential information on the victims’ bank accounts, and steal their money.

With the victims’ names, social security numbers and dates of birth on hand, the defendants impersonated the victims when calling the banks, and were able to transfer money between accounts and order checks. They would then use the victim’s signatures found on public documents to forge the checks. The group usually targeted high-value bank accounts. Over six years, the group stole more than $10 million from victims in Southern California, Nevada, Arizona and Texas.

“These defendants, including two individuals who were operating from a prison cell, perpetrated a massive fraudulent scheme on behalf of a dangerous criminal enterprise,” said Lanny Breuer, the Assistant Attorney General. He added that “We are doing everything possible to shut down dangerous gangs like Armenian Power.”

These four defendants associated with the Armenian Power group are among 20 people charged with running the bank fraud and identity theft scheme. The indictments were unsealed on Feb. 16, 2011.   

Sharopetrosian, Margaryan, Markosian and Ogandzhanyan  face sentences of up to 30 years for each count of bank fraud, 30 years for each count of conspiracy to commit bank fraud, as well as an additional mandatory two year sentences for each count of aggravated identity theft. Their sentencing is scheduled for Aug. 6, 2012.

http://www.reportingproject.net/occrp/index.php/en/ccwatch/cc-watch-indepth/1443-member-of-armenian-power-organized-crime-group-convicted-for-bank-fraud