Burbank Real Estate Fraud: Broker, Two Others Arrested

Key information

Arrests: Federal authorities arrested Glenis Cardona, 63, of Highland; Ivan Reyes, 50, of Van Nuys; and Arshak Akopyan, 46, of Northridge on Feb. 11, 2026, in connection with allegations they fraudulently sold a Burbank home they did not own. A fourth suspect, Basil Tikriti, 54, of Marina del Rey, remains at large. See the U.S. Department of Justice press release and local reporting by MyNewsLA.

Alleged loss and proceeds: Investigators say the defendants used stolen identities and forged paperwork to obtain roughly $975,000 in loan proceeds tied to the fraudulent sale of a $1.5 million home.

Company involved: Authorities allege the scheme began through Cardona’s company, Golden Escrow, which maintains offices in Sherman Oaks and Downey, according to reporting by MyNewsLA.

Documents and tactics: The complaint alleges the group prepared and used:

• Fake identity cards to impersonate the real homeowner and other parties;
• A counterfeit purchase agreement and a forged grant deed purporting to transfer ownership;
• A deed of trust and fraudulent loan applications submitted to a lender;
• Deeds that were falsely notarized before being recorded or provided to the title company.

How investigators say the scheme worked

Federal prosecutors say the fraud began in late 2023 and continued through January 2024. According to the Justice Department complaint, Cardona used Golden Escrow to obtain a property report to check for liens on the Burbank property — a step that helped determine whether the home could be sold more easily to a lender.

Prosecutors allege the defendants then created a full set of forged closing papers and identity documents, including:

• Fake identity cards to impersonate the homeowner and other parties;
• A counterfeit purchase agreement and grant deed purporting to transfer ownership;
• Deed of trust documents and loan applications submitted to a lender;
• Deeds that were falsely notarized and recorded or provided to the title company.

Once the lender funded the loan based on the fraudulent package, investigators say nearly $975,000 in loan proceeds were diverted to third parties connected to the scheme, leaving the title company and the real homeowner victimized.

“The federal complaint contains detailed allegations and is the basis for the arrests,” the U.S. Attorney’s Office for the Central District of California said in its announcement.

Roles of the accused, as described by investigators

• Glenis Cardona, 63: A licensed real estate broker who operated Golden Escrow. Prosecutors say Cardona represented both the supposed seller and buyer in escrow without authorization, controlled the escrow process and directed loan funds to third parties. (DOJ; MyNewsLA)
• Ivan Reyes, 50: Identified as a mortgage broker who allegedly submitted fraudulent loan applications to finance the sham sale. (MyNewsLA)
• Arshak Akopyan, 46: Also identified as a mortgage broker involved in preparing and submitting the fraudulent loan documents. (MyNewsLA)
• Basil Tikriti, 54 (at large): Allegedly used stolen identities to impersonate both the homeowner and the buyer in the scheme. (MyNewsLA)

Cardona’s regulatory history and prior enforcement actions

Cardona’s escrow work has drawn prior regulatory attention. The California Department of Real Estate issued a Desist and Refrain Order (H-42207 LA, 2020) finding she conducted third-party escrow services without proper licensing, including work tied to a second mortgage on an L.A. property.

A more recent DRE accusation (H-43168 LA, 2024–2025) alleges mishandling of several escrows between April 2023 and June 2024, citing unauthorized disbursements, large unrelated ACH transfers, missing signatures and supervision failures. DRE records show Golden Escrow collected millions across dozens of escrows through a Bank of America account.

Cardona has also been named in civil court actions related to escrow work; see related court filings and a civil declaration. Those civil records reflect disputes but do not by themselves prove criminal conduct; the federal complaint alleges the separate fraud tied to the Burbank property.

Victims and financial impact

Investigators say the homeowner’s title was stolen via identity fraud. The forged sale and loan applications resulted in nearly $975,000 in loan proceeds being distributed to suspects or associates. Lenders and the title company were also victims — a common outcome in “stolen identity home sale” schemes that can leave owners fighting to clear title and insurers and lenders seeking recovery.

These schemes typically trigger lengthy legal battles over title, insurance claims and civil liability, creating months of paperwork, court filings and stress for affected homeowners.

Criminal charges and what comes next

The arrested defendants have been charged in a federal complaint filed by prosecutors in the U.S. Attorney’s Office for the Central District of California. As of the DOJ announcement, one suspect remains at large and no further public court dates have been reported. The criminal process will include arraignments, possible detention hearings and pretrial proceedings. See the U.S. Department of Justice press release.

Implications for California

Economic impact

Property fraud involving stolen identities and forged deeds threatens homeowners’ equity and can disrupt local markets. Areas like Burbank — where home values are substantial — become attractive targets because larger loans mean larger payoffs for fraudsters. Protecting property rights is essential to maintain homeowner equity and market trust.

Political and regulatory consequences

For a politically moderate conservative audience, this case underscores the need for firm enforcement and stronger oversight of escrow and mortgage brokers. The DRE actions against Cardona show regulators have tools, but the alleged scheme suggests consideration of stricter licensing checks, improved notarization safeguards and mandatory identity verification tied to recorded deeds.

Social effects and public trust

Property fraud harms ordinary homeowners and erodes trust in real estate professionals and institutions. Restoring trust requires swift law enforcement, transparent regulatory follow-up and better public education so homeowners know how to protect themselves.

Practical steps for Californians

• Monitor your title: Periodically check county recorder records for unexpected filings; many counties offer online access.
• Use title insurance: Title insurance can protect owners from many forms of title fraud, though claims may take time to process.
• Protect personal data: Guard identification documents and financial records to reduce identity theft risk.
• Verify professionals: Ask for license numbers and verify escrow officers, brokers and notaries with state agencies before signing.
• Report suspicious activity: If you receive unexpected mail or notices about a property you own, contact your title company, lender and local law enforcement immediately.

Sources and documents

• U.S. Department of Justice press release
• MyNewsLA reporting
• California DRE — Desist and Refrain Order H-42207 LA (2020)
• California DRE — Accusation H-43168 LA (2024–2025)
• Court filings related to prior civil matters
• Declaration in related civil matter

Reporting compiled from the U.S. Department of Justice and local reporting by Times Media Service / MyNewsLA.