Licensed broker among three arrested in alleged $1.5 million Burbank real estate fraud; fourth suspect at large
Three people, including a licensed real estate broker, were arrested Feb. 11, 2026, in an alleged $1.5 million scheme that used stolen identities and forged documents to fraudulently transfer a Burbank home; a fourth suspect remains at large.
- Federal investigators say the scheme ran from late 2023 through January 2024 and produced about $975,000 in fraudulent loan proceeds.
- Arrests: Glenis Cardona (63), Ivan Reyes (50) and Arshak Akopyan (46) were arrested; Basil Tikriti (54) remains at large.
- Method: Stolen identities, forged identity cards, fake deeds, false notarizations and fraudulent loan files moved funds through an escrow business.
- Context: The lead broker operated Golden Escrow and has prior DRE regulatory actions alleging improper escrow activity and conversion of funds.
Arrests and the defendants
Federal investigators with the U.S. Attorney’s Office for the Central District of California announced arrests and a federal complaint charging three individuals in an alleged fraudulent sale of a Burbank home. The DOJ press release describes a scheme to sell a house the conspirators did not own by impersonating both seller and buyer and submitting forged documents to lenders and a title company.
Authorities say the arrested defendants are: Glenis Cardona, 63, of Highland — a licensed real estate broker who operates Golden Escrow with offices in Sherman Oaks and Downey; Ivan Reyes, 50, of Van Nuys; and Arshak Akopyan, 46, of Northridge. A fourth suspect, Basil Tikriti, 54, of Marina del Rey, is still at large, officials said. (Sources: DOJ release; MyNewsLA report.)
How investigators say the scheme worked
According to federal prosecutors and local reporting, the alleged scheme began when Cardona, through Golden Escrow, obtained a lien report to confirm whether the Burbank property was free of judgments or claims. Investigators say the defendants then assembled a package of false documents to create the appearance of a legitimate sale.
- Fabricated identity cards to impersonate the homeowner and a buyer.
- A fake purchase agreement and a forged grant deed conveying the property.
- A deed of trust to secure a loan, loan applications containing false information, and allegedly falsely notarized deeds.
Those false documents were presented to a lender, which funded nearly $975,000 based on the fraudulent file, investigators say. Funds were routed through escrow-controlled accounts and to other entities where conspirators collected them; lenders and the title company were left with the loss while the true homeowner remained victimized. (Reporting: MyNewsLA.)
Golden Escrow investigation and prior regulatory actions
Golden Escrow and Glenis Cardona have a regulatory history. In 2020 the California Department of Real Estate issued an order prohibiting Cardona from performing escrow services after finding violations related to exemptions for broker-conducted limited escrow activities. The DRE hearing file is available as a DRE file.
In 2025 the DRE filed an accusation alleging Golden Escrow closed roughly 34 escrows, collected about $13 million in escrow funds and made unauthorized disbursements and conversion of client funds totaling approximately $280,796. That action is documented in the DRE file on the 2025 accusation.
Federal prosecutors say the alleged scheme used an escrow business as a key tool to move funds and obscure the theft.
Fraudulent documents, lenders and the title company
Investigators described a wide array of forged paperwork: false identity cards, a fabricated grant deed, a deed of trust, loan applications and false notarizations. Those documents were used to convince lenders and a title company that the sale and financing were legitimate.
Why it mattered: The use of forged deeds and falsely notarized documents demonstrates how layered fraud can circumvent standard checks—especially when a trusted escrow agent controls disbursement channels.
Legal status and the federal case
Cardona, Reyes and Akopyan were arrested on Feb. 11, 2026, and a federal complaint was filed in the Central District of California. The complaint begins the formal charging process; prosecutors will decide whether to seek indictments after continued investigation. See the DOJ release for the official statement.
At the time of the arrests, Basil Tikriti remained at large. Authorities ask anyone with information to contact law enforcement as local and federal agents pursue coordination to locate and arrest the at-large suspect.
Why this matters for buyers, sellers and local agents
This alleged scheme raises warnings for anyone involved in real estate: identity verification, title chain review and escrow controls are critical. Homeowners, buyers and sellers should:
- Confirm identities: Verify all parties, request direct lender contact and confirm disbursements before signing.
- Scrutinize escrow agents: Confirm escrow and title firms’ credentials and track the flow of funds.
- Monitor records: Regularly review county recorder filings and credit reports to detect unauthorized transfers.
Implications for the Inland Empire
Economic impact: Though the fraud targeted a Burbank property, the lead defendant’s ties to Highland, Downey and Sherman Oaks show how schemes can cross municipal lines and affect lenders and consumers across the region—potentially prompting tighter underwriting and slower closings.
Political and social effects: Local officials and regulators may face pressure to increase oversight of escrow businesses. Community groups that assist vulnerable populations may see greater demand for fraud-education services. Trust erosion in local markets could lead to calls for stronger consumer protections.
Sources and reporting
This article draws on official and local reporting: the DOJ press release and coverage by MyNewsLA. Background regulatory files from the California Department of Real Estate are available in the 2020 DRE file and the 2025 DRE file.
Reporting continues as federal prosecutors and law enforcement agencies investigate and determine next steps in the case.
