BURBANK, Calif. — A San Bernardino County woman and two men have been arrested in connection with the fraudulent sale of a $1.5 million Burbank home they allegedly did not own, federal authorities announced.
According to the U.S. Attorney’s Office in Los Angeles, Glenis Cardona, 63, of Highland, along with Ivan Reyes, 50, of Van Nuys, and Arshak Akopyan, 46, of Northridge, were arrested on February 11. A fourth suspect, Basil Tikriti, 54, of Marina del Rey, remains at large.
Prosecutors allege the group orchestrated a scheme between late 2023 and January 2024 using stolen identities and forged documents to fraudulently sell the home and secure nearly $975,000 in loan proceeds.
The scheme allegedly began with Cardona’s company, Golden Escrow, which operates offices in Sherman Oaks and Downey. Investigators say Cardona obtained a property report to determine whether the Burbank home was free of liens.
Authorities allege the defendants created and submitted fraudulent documents, including:
Fake identity cards
A forged purchase agreement
A fraudulent grant deed
A falsified deed of trust
Fraudulent loan applications
The documents were allegedly submitted to a lender, which funded the loan based on the false information.
According to investigators, Cardona controlled the escrow process while Tikriti impersonated both the homeowner and the buyer using stolen identities. Reyes and Akopyan, acting as mortgage brokers, allegedly submitted fraudulent loan applications to secure funding for the sale.
After the lender deposited the funds into escrow, Cardona allegedly directed the money to third-party entities so the group could collect the proceeds.
Victims in the case include:
The legitimate Burbank homeowner, who temporarily lost ownership of the property
The buyers, who became responsible for nearly $1 million in mortgage debt
A lending company that approved the loan
A title company that insured the transaction
Authorities did not release the victims’ identities.
If convicted, each defendant faces up to 30 years in federal prison.
Federal officials noted that similar real estate fraud schemes have recently surfaced in Southern California, underscoring growing concerns over property title and mortgage fraud in the region.
The investigation remains ongoing.
