armjan Posted October 8, 2005 Report Share Posted October 8, 2005 Alleged scammer bilks $20M Van Nuys man arrested on eight counts of fraud targeted at Armenian residents. By Tania Chatila (GLENDALE PRESS - Published: October 7, 2005) PASADENA -- A 43-year-old Van Nuys man was arrested Thursday on eight felony counts of federal mail fraud in connection with an alleged investment scam that bilked about $20 million from mostly Armenian-Americans, many of whom were from Glendale and Burbank, said officials with the United States Attorney's Office. Melkon Gharakhanian, whose alias was Mike Garian, allegedly used his Glendale-based company, National Investment Enterprises Inc. to collect $20 million from 1999 to 2001 from investors who thought their money was going toward the purchase of technological security systems, United States Attorney's Office spokesman Thom Mrozek said. Many of those victims -- 200 of them -- were from the Glendale-Burbank area, officials said. "He had a storefront in Glendale and solicited a lot of business through word of mouth in the community," Mrozek said. Gharakhanian, who was arrested at a Pasadena post office, allegedly used the mail to send investors false monthly statements about the company and its purchases of shares, he said. "This is mail fraud, and it's investment fraud, and that's pretty serious," said Renee Focht, spokeswoman for the United States Postal Inspection Service. In 2001, after allegedly using investor funds for personal use and to pay for the company's operating expenses, National Investment Enterprises Inc. flopped, Mrozek said. "Basically the company collapsed, as ponzi schemes usually do when the requests for withdrawals exceeds the amount of money [the company has]," he said. "Basically he's collecting money and he's not making investments as promised, but he's telling people he's making all this money for them." Investors lost about $5 million when the company collapsed, Mrozek said. Gharakhanian could face up to 40 years in federal prison if convicted on all eight counts, he said. Gharakhanian will appear today in United States District Court in Los Angeles. Quote Link to comment Share on other sites More sharing options...
Sip Posted October 8, 2005 Report Share Posted October 8, 2005 oh nooooo ... one or two million is not enough for these bastards to take the money and run ... they have to get $20 million and still not be satisfied. I hope they rape him daily in jail. Quote Link to comment Share on other sites More sharing options...
Nané Posted October 8, 2005 Report Share Posted October 8, 2005 Stepan was talking about this on his show today. Got me so maaaaaaaaaaaad. Quote Link to comment Share on other sites More sharing options...
MosJan Posted October 8, 2005 Report Share Posted October 8, 2005 hmmm - it was my undrstending that he was arested - he had a cort date in 2004 well u guess not my friend's mother has "land" him some money in 99 - and wan she told em that 20k investment to Mike was going to bring her BIG BIG BIG money 25% 31 day - i told her to take the money back and just buy gold... gold is on it's prime now above $470 / $15.000 kilo Quote Link to comment Share on other sites More sharing options...
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