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Complete Story
06/30/2020
Los Angeles-area man pleads guilty to bank fraud for role in credit card 'bust-out' scheme used to buy cemetery plots, luxury cars
U.S. Immigration and Customs Enforcement
LOS ANGELES – A Glendale man pleaded guilty today to federal criminal charges that he led a series of scams, including “bust-out” schemes where he and others fraudulently charged millions of dollars to credit cards sometimes opened with “synthetic identities” and later used them to buy luxury cars and cemetery plots that he sold for profit.
As the result of a probe by U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) Los Angeles, the U.S. Secret Service and the Glendale Police Department, Mikayel Hmayakyan, 43, pleaded guilty to two counts of bank fraud and one count of aggravated identity theft.
U.S. District Judge George H. Wu has scheduled a November 16 sentencing hearing, at which time Hmayakyan will face a statutory maximum sentence of 62 years in federal prison.
In his plea agreement, Hmayakyan, the case’s lead defendant, admitted to running a series of fraudulent schemes, including one from November 2014 to September 2015, where he used fraudulently obtained credit cards to purchase liquor and luxury watches worth hundreds of thousands of dollars.
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