FBI agents conducted a raid on a Hollywood mansion early Thursday morning, resulting in the arrest of a suspect allegedly involved in a substantial mortgage fraud scheme estimated to have targeted elderly homeowners for $17.4 million. The suspect was taken into custody while wearing pajamas as part of a larger operation named "Operation Hard Money."
According to prosecutors, the operation involved 11 individuals, including nationals from Iran and Azerbaijan, who are accused of stealing the identities of elderly victims to secure fraudulent mortgages against their properties. This scheme reportedly led to approximately $6 million in actual losses. The suspects allegedly created fake identities and used stolen personal information to apply for high-value loans, submitting falsified documents, including bank statements and medical records.
FBI Director Kash Patel praised the operation, emphasizing the ongoing efforts to combat fraud within California. Officials stated that all defendants, except one, face charges of conspiracy to commit wire fraud, along with various counts of wire fraud, aggravated identity theft, and money laundering.
The investigation was part of a four-year probe by the FBI’s Eurasian Organized Crime Task Force, in collaboration with other agencies like the IRS and the U.S. Postal Inspection Service. The defendants, whose ages range from 32 to 66, could face up to 20 years in federal prison for each fraud and money laundering count, plus additional time for aggravated identity theft.
The scheme reportedly affected properties in various locations across Los Angeles, including Hollywood and Chinatown. Authorities continue to investigate the full extent of the operation and its impact on the victims involved.