California Broker Sentenced To Years In Prison For Mortgage Loan Fraud


A Los Angeles broker convicted of defrauding lenders to obtain more than $8 million in mortgage loans has been sentenced to five years and four months in prison.

Alex Ashod Dadourian, 61, was a licensed mortgage loan broker whose company, Success Funding, doing business as Pride Funding, was located in Northridge, California.

Investigators claim that Dadourian received more than $254,000 in fees and commissions by taking out 17 mortgage loans based on fraudulent applications and supporting documentation between 2017 and 2019.

Dadourian was convicted on 91 felony charges of mortgage fraud, grand theft, identity theft, and conspiracy, according to a press release issued on Dec. 7.

“We won’t stand idly by when bad actors take advantage of their professional position and break the law to enrich themselves,” California Attorney General Rob Bonta said in a statement. “Those who cheat the system to line their own pockets will be held accountable for their crimes.”

Jay Johnson, Special Agent in Charge of the Federal Housing Finance Agency, Office of Inspector General, said in a statement that they investigate and hold accountable those who try to victimize Government-Sponsored Entities supervised and regulated by FHFA.

“The Federal Housing Finance Agency, Office of Inspector General, is committed to holding accountable those who waste, steal, or abuse the resources of the Government-Sponsored Enterprises regulated by FHFA, which the defendant has been charged with defrauding,” Johnson said.

Special Agent in Charge Mark Kaminsky with the U.S. Department of Housing and Urban Development, Office of the Inspector General, Office of Investigation, said this case demonstrates their commitment to working with the California Department of Justice and law enforcement partners to investigate and hold accountable those who would perpetrate mortgage fraud or crimes against HUD programs in California.

“The integrity of the Federal Housing Administration Loan program is a cornerstone to the health and stability of our nation’s housing market and economy,” Kaminsky said in a statement.

In addition to serving prison time, Dadourian was ordered to pay restitution.

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