CALIFORNIA—On May 28, the Central District of California Department of Justice announced the arrest of 18 individuals, 14 of which were Californians, who took part in a COVID Relief scam. Over $25 million in COVID Relief benefits and small business loans were involved.
The DOJ put together a COVID-19 Fraud Strike Force Team to investigate, arrest, and prosecute those who made false claims.
The following information came directly from the DOJ press release:
“The 18 total defendants named in the complaints – four defendants are believed to be in Armenia – are charged with conspiracy to defraud the government with, respect to, claims; false, fictitious, or fraudulent claims; wire fraud and attempted wire fraud; bank fraud and attempted bank fraud; money laundering conspiracy; laundering of monetary instruments; engaging in monetary transactions in property derived from specified unlawful activity; and/or structuring financial transactions to evade reporting requirements.
The defendants arrested today include:
Vahe Margaryan, a.k.a. “William McGrayan,” 42, of Tujunga, allegedly orchestrated a scheme to defraud numerous banks and the Small Business Administration’s (SBA) Preferred Lender Program, a program designed to help small businesses that otherwise might not obtain financing. McGrayan allegedly directed owners of sham corporations to open bank accounts, make false statements, and concoct documents, including phony resumes and financial statements, to support loan...
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