LOS ANGELES (CNS) — A Glendale man who defrauded banks out of $2.1 million by conspiring to steal the identities of at least 11 dentists, opening sham dentist offices, and filing fraudulent claims to banks that offer lines of credit to dentists, was sentenced to 37 months in federal prison.
Ararat Yesayan, 39, was sentenced by US District Judge Dolly M. Gee, who also ordered him to pay about $2.01 million in restitution, and who described Yesayan’s crimes as “outrageous,” according to the US Attorney’s Office.
Yesayan pleaded guilty in May in Los Angeles federal court to one count of conspiracy to commit bank fraud.
From October 2010 until March 2014, Yesayan and his co-conspirators impersonated dentists by stealing personal identifying information, including dental license numbers. Yesayan and others acquired commercial office space to open what looked like real dental offices in the names of victim dentists, according to his plea agreement.
Yesayan and others then submitted change of address requests to the Dental Board of California with the addresses of the newly opened sham dental office addresses so they would receive mail intended for the impersonated dentists. Using the victim dentists’ names, Yesayan and others applied for lines of credit offered by banks to dentists and, upon approval, submitted numerous fraudulent dental claims in the names of fake patients for procedures that were never performed, according to the US Attorney’s Office.
Once the claims were approved, money was wired to Yesayan-controlled bank accounts. The victim lenders included Citibank and GE Capital Retail Finance Bank — now Synchrony Bank — who suffered losses of at least $2.1 million.
A second defendant in this case — Varooj Arakelian, 49, of Glendale — is scheduled to go on trial on June 23. Charges against a third defendant — Artin Sarkissians, 42, also of Glendale — are pending, according to federal prosecutors.