A Glendale man was sentenced to three-plus years in prison for stealing the identities of at least 11 dentists and filing fraudulent claims to banks that offer lines of credit to dentists, according to a statement from the U.S. Department of Justice on Tuesday.
Ararat Yesayan, 39, was ordered to pay $2.1 million in restitution. In May he pleaded guilty to one count of conspiracy to commit bank fraud.
From October 2010 to March 2014, Yesayan and co-conspirators impersonated dentists via personal identifying information such as dental license numbers, according to the Department of Justice statement.
Those involved in the conspiracy acquired commercial office space in the names of victim dentists using this personal information, and then submitted change of address requests to the Dental Board of California. Mail was sent to the newly opened sham offices, among them offers for lines of credit.
“Using the victim dentists’ names, Yesayan and others applied for lines of credit offered by banks to dentists and, upon approval, submitted numerous fraudulent dental claims in the names of fake patients for procedures that were never performed,” the Department of Justice said in its statement.
Once the claims were approved by the banks, money was wired to Yesayan-controlled bank accounts. Banks affected include Citibank and GE Capital Retail Finance Bank, now Synchrony Bank.
Two other Glendale men were allegedly involved in the scheme, Varooj Arakelian, 49, and Artin Sarkissians, 42. Arakelian is scheduled to go on trial June 23.
Content retrieved from: https://www.sfvbj.com/news/2020/mar/04/glendale-man-sentenced-21-million-bank-scam-involv/