A highly coordinated real estate fraud scheme involving identity theft, forged financial documents, and impersonation tactics has resulted in federal arrests after a residential property in Burbank was secretly sold without the knowledge of either the legal homeowner or the individual listed as the buyer. Authorities say the elaborate operation unfolded over months and involved falsified loan applications, fabricated purchase agreements, and detailed planning to impersonate legitimate parties in order to complete the transaction.
Federal officials announced the arrests of Glenis Cardona, Ivan Reyes, and Arshak Akopyan in connection with the scheme. Investigators allege the three men, along with another suspect who remains at large, worked together to execute a fraudulent property transfer valued at approximately $1.5 million. Prosecutors claim the group intended to secure nearly $1 million in loan proceeds tied to the transaction and distribute the funds among themselves.
The case has drawn significant attention from law enforcement because the sale was completed successfully before anyone realized the transaction was fraudulent. The property owner had no knowledge their home had been sold, and the person listed as the buyer was unaware they had been placed on the hook for a substantial mortgage. The discovery of the scheme triggered a wide-ranging investigation involving financial records, digital communications, and witness testimony that ultimately led to the arrests of Glenis, Ivan, and Arshak.
How Glenis Cardona, Ivan Reyes and Arshak Akopyan Allegedly Executed the Fraudulent Sale
Investigators allege that Glenis Cardona, Ivan Reyes, and Arshak Akopyan relied heavily on stolen personal information and falsified documentation to create the appearance of a legitimate real estate transaction. According to federal complaints, the group obtained sensitive identifying details belonging to the homeowner, including personal identification numbers, birth records, and official identification data. With this information, they allegedly constructed fraudulent loan applications and purchase agreements that could pass standard verification checks during the closing process.
Authorities say Glenis Cardona, who was a licensed real estate broker, played a central role in helping the group navigate procedures typically associated with legitimate property transactions. Prosecutors contend that her professional background enabled the conspirators to prepare documentation that appeared authentic and to move the deal forward through formal channels without raising immediate suspicion.
Ivan Reyes and Arshak Akopyan are also accused of participating in various aspects of the operation, including coordinating communications, assisting with the preparation of documents, and helping arrange financial transfers connected to the fraudulent loan. Investigators believe the group worked together to manage different elements of the scheme, ensuring that each stage of the transaction appeared consistent with standard real estate practices.
Messages recovered during the investigation suggest the group even considered using disguises to impersonate buyers or sellers during official proceedings. According to investigators, the conspirators discussed recruiting individuals to pose as participants in the transaction and worried about whether those stand-ins would look convincing enough during identity verification processes. At one point, conversations reportedly included suggestions about altering a personās appearance to make them seem older so they could pass as the supposed buyer.
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Authorities also allege that Glenis Cardona, Ivan Reyes, and Arshak Akopyan coordinated access to the property itself. Communications obtained by investigators included discussions about whether the home had any liens and whether physical access could be secured. At one stage, a message reportedly indicated that the property was ready for the transaction to proceed and that someone had access to keys, further reinforcing the illusion of legitimate control over the home.
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The fraudulent sale ultimately closed in early January 2024. On the same day, investigators say funds began moving into accounts connected to the suspects. Prosecutors allege that Glenis Cardona received a substantial wire transfer shortly after the closing, marking the first major financial gain from the scheme. Authorities contend that this transfer was part of a broader plan to distribute loan proceeds among the participants.
How Investigators Discovered the Scheme and Built the Case
The exposure of the fraudulent sale did not occur immediately after the transaction was completed. Instead, the scheme began to unravel through a combination of unrelated investigations, financial irregularities, and direct complaints from the individuals affected.
Federal investigators reportedly encountered evidence of the transaction while examining communications linked to a separate mortgage fraud investigation. During that inquiry, agents reviewing digital messages discovered discussions referencing multiple properties, including detailed information about ownership records and potential access. These communications eventually led investigators to examine the Burbank property transaction more closely.
At the same time, local law enforcement had already received alarming reports from both parties whose identities had been misused. The homeowner contacted authorities after discovering the property had been sold without consent. Separately, the person listed as the buyer informed police they had no knowledge of purchasing the home but had been linked to a large mortgage obligation. These parallel complaints raised immediate concerns that identity theft and document fraud had been used to execute the sale.
Financial activity tied to the transaction also attracted attention. Several businesses that received wire transfers connected to the loan became suspicious after noticing inconsistencies in communications and payment instructions. In one instance, an employee at a company involved in handling high-value purchases questioned a request tied to the homeownerās phone number but using a different identity. When the employee contacted the homeowner directly, the individual denied authorizing any such transaction and alerted authorities to the possibility of fraud.
Title and insurance companies involved in the property transfer also identified irregularities. Their internal reviews flagged unusual documentation and payment flows that did not align with typical real estate transactions. These concerns prompted further scrutiny of the closing process and financial transfers.
As investigators gathered evidence from financial institutions, digital records, and witness statements, a clearer picture of the operation began to emerge. Authorities allege that Glenis Cardona, Ivan Reyes, and Arshak Akopyan worked in coordination with at least one additional participant who remains under investigation. The accumulated evidence led federal officials to pursue arrests and file charges related to identity theft, mortgage fraud, and conspiracy.
Financial Spending, Legal Exposure and Consequences for the Accused
After the fraudulent sale was completed, investigators say money from the loan was quickly distributed and spent. Prosecutors allege that Glenis Cardona used a portion of the funds to make significant retail purchases, including a large payment to a car dealership and additional spending at major retail stores. Authorities argue that the rapid movement and use of funds indicate an effort to convert illicit proceeds into tangible assets before the scheme could be detected.
Additional portions of the loan were allegedly transferred to third-party businesses and accounts associated with other participants. Prosecutors contend these transfers were designed to divide the proceeds among members of the group while obscuring the financial trail. However, the complexity of these transactions ultimately contributed to the schemeās exposure, as businesses receiving funds began questioning unusual requests and returning certain payments.
The legal consequences facing Glenis Cardona, Ivan Reyes, and Arshak Akopyan could be severe if they are convicted. Federal prosecutors have indicated that the charges carry potential prison sentences of up to 30 years. The prosecution is expected to present detailed evidence outlining how the fraudulent transaction was arranged, how identities were misused, and how financial proceeds were distributed among the accused.
Beyond criminal penalties, the fraudulent sale created significant complications for the individuals whose identities and property were misused. The homeowner must navigate legal procedures to restore rightful ownership of the property, while the person falsely listed as the buyer faces the challenge of resolving a mortgage obligation they never knowingly accepted. Untangling these consequences requires extensive legal intervention and financial review.
Investigators continue examining communications and financial records to determine whether additional properties may have been targeted or whether the scheme was part of a broader pattern of fraud. The case involving Glenis Cardona, Ivan Reyes, and Arshak Akopyan has become a prominent example of how coordinated identity theft and document falsification can be used to manipulate real estate transactions on a large scale. As federal proceedings move forward, prosecutors are expected to present further details about the structure of the conspiracy and the roles each defendant allegedly played in executing the unauthorized sale.