California Feds Charge Tenant With Bank Fraud For Attempt At Obtaining $500K Credit Line On Rented Home

From the U.S. Attorney's Office for the Central District of California:

• A man who was renting a Valley Village home has been arrested on federal bank fraud charges for allegedly attempting to secure a $500,000 home equity line of credit on the house. Eduard Sargsyan, 55, was arrested by special agents with the Federal Bureau of Investigation last [month] after completing loan documents at a Bank of American branch in Sherman Oaks.

• According to a criminal complaint [...], last fall Sargsyan rented the Valley Village home, which was owned by a family trust. In February, a “Trust Transfer Deed” was recorded with the Los Angeles County Recorder’s Office, which transferred title of the home to Sargsyan. In March, Sargsyan used Bank of America’s website to apply for a home equity line of credit on the property. During two meetings at Bank of America where an FBI agent posed as a loan officer, Sargsyan said he owned the home and wanted prompt funding of a $500,000 line of credit. Sargsyan was arrested at the bank branch.

For the U.S. Attorney's press release, see Valley Man Charged With Attempting To Obtain $500,000 Credit Line On House He Was Renting.

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