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US jury convicts 4 people of false applications for Covid-19 aid fund

WASHINGTON: A U.S. jury found four California residents guilty of fraudulently receiving $ 18 million in Covid-19 aid payments to non-existent businesses, the Justice Department said Tuesday.
“After an eight-day trial, Richard Ayvazyan, 42, his wife Marietta Terabelian, 37, and his brother Artur Ayvazyan, 41, all from Encino, each charged with conspiracy to commit bank fraud and wire fraud, 11” were testified. guilty of fraud cases, eight bank fraud cases and one case of conspiracy to commit money laundering. Richard Ayvazyan has also been convicted of aggravated identity theft in two cases and Artur Ayvazyan of aggravated identity theft in one case, “the Justice Department said in a press release.
A fourth defendant, Vahe Dadyan, has been convicted of a bank transfer and bank fraud conspiracy, six bank transfer fraud cases, three bank fraud cases, a money laundering conspiracy and a money laundering conspiracy, according to publication.
The defendants used loan payments totaling more than $ 18 million to purchase luxury real estate, gold coins, diamonds, luxury watches, designer handbags and a Harley-Davidson motorcycle, according to the statement.
Evidence presented at trial showed that the defendants used false, stolen, or synthetic identities to submit fraudulent loan applications to the Small Business Administration (SBA), including false identification documents, tax documents, and pay stubs to execute the program, the release said.
The jury also found that the defendants would lose bank accounts, purchased items and approximately $ 450,000 in cash, according to the press release. Sentencing is scheduled for September 13.

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