LOS ANGELES, Calif.—Sentencing is scheduled Sept. 13 for four Los Angeles residents found guilty of scheming to submit fraudulent loan applications under which they and their co-defendants obtained more than $18 million in COVID-19 relief funds used to put down-payments on luxury homes in Tarzana, Glendale and Palm Desert and purchase jewelry and other high-end items.
Richard Ayvazyan, 42, his wife Marietta Terabelian, 37, and his brother Artur Ayvazyan, 41, all of Encino, were each found guilty June 25 of one count of conspiracy to commit bank fraud and wire fraud, 11 counts of wire fraud, eight counts of bank fraud and one count of conspiracy to commit money laundering.
