Burbank case shows how stolen identities could still beat lender safeguards
Federal prosecutors in Los Angeles charged a Southern California broker and three alleged accomplices with engineering a $1.5 million home sale in Burbank that, if proven, would show how seller‑impersonation schemes still slip past lenders, escrow and title checks.
According to a federal criminal complaint, the group in late 2023 and January 2024 allegedly used the stolen identities of the true homeowner and a purported buyer to push through a fraudulent sale, securing about $975,000 in loan proceeds.
The Burbank owner ultimately lost title, while the unwitting “buyer” ended up on the hook for the near‑$1 million mortgage.
Cardona’s escrow role under scrutiny
Prosecutors said licensed broker and escrow operator Glenis Cardona, 63, used her company, Golden Escrow, to run title checks on the property and then “obtained a report to evaluate whether the Burbank property was encumbered with liens, such as legal judgments.”
Cardona allegedly “purported to represent the victim seller and the victim buyer – even though neither authorized the transaction – and controlled escrow.”
The complaint alleged the defendants prepared false identity cards, a purchase agreement, a grant deed, deeds of trust and loan applications, and falsely notarized deeds before sending them to a lender that funded the nearly $1 million loan.
Co‑defendant Basil Tikriti allegedly impersonated both seller and buyer, while Ivan Reyes and Arshak “John” Akopyan allegedly acted as mortgage brokers and submitted fraudulent applications. After funds hit escrow, Cardona allegedly directed money to third‑party entities so the group could collect the proceeds.
The FBI and Burbank Police Department are investigating the matter. All four defendants face wire fraud charges; each would face up to 30 years in federal prison if convicted. A criminal complaint contains only allegations, and all defendants are presumed innocent unless and until proven guilty.
A wider pattern of title theft
The California Department of Real Estate previously warned that “scammers forge deeds and use fake identities to transfer ownership of properties,” often targeting lien‑free or inactive parcels.
Fraud for profit remains a small share of applications but account for a disproportionate share of losses. Matt Seguin, senior principal of fraud solutions at Cotality, told Mortgage Professional America that “fraud for profit is only 20% of the time, but it’s probably 80% of the losses.”
In a separate MPA interview, LBC Mortgage CEO Alex Shekhtman said Fannie Mae’s AI‑driven fraud initiative was “a necessary step” to deter such schemes and restore trust.
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