Two Men Arrested in Alleged $1.5 Million Burbank Real Estate Fraud; Fourth Suspect Sought
Los Angeles, California (High Desert News Online) – Federal authorities arrested broker Glenis Cardona and two accomplices in a scheme that allegedly used stolen identities and forged documents to fraudulently sell a $1.5 million Burbank home, obtaining nearly $975,000 in loan proceeds, prosecutors say.
- Arrests: Three suspects were arrested Feb. 11, 2026; a fourth remains at large.
- Fraud method: Alleged use of stolen identities, forged deeds, and falsified loan applications to fund a fraudulent sale.
- Money involved: Lender funded about $975,000 of proceeds on a property listed at $1.5 million.
- Regulatory context: Broker-owner’s escrow firm has prior California Department of Real Estate matters and ongoing civil litigation.
What happened
Federal prosecutors say a group falsely sold a Burbank residence they did not own, using stolen identities and forged paperwork to convince a lender and title company to fund the transaction. The U.S. Attorney’s Office announced arrests and charging documents that describe the alleged scheme and its timeline.
Three people were arrested on Feb. 11, 2026: Glenis Cardona, 63, of Highland; Ivan Reyes, 50, of Van Nuys; and Arshak Akopyan, 46, of Northridge. A fourth suspect, Basil Tikriti, 54, of Marina del Rey, is reportedly still at large. See the U.S. Attorney’s Office press release and local reporting from MyNewsLA for the initial announcements.
How the alleged scheme worked
According to the Department of Justice complaint, the defendants targeted a property owned by an unsuspecting homeowner and used legitimate tools—like a lien report—to check whether judgments or encumbrances existed on the title. With that information, they prepared forged documents and false identities to impersonate both seller and buyer.
Allegations include: fake identity cards, a fabricated purchase agreement, a fraudulent grant deed, a deed of trust, falsified loan applications and documents that were allegedly falsely notarized.
Those forged materials were submitted to a lender, which funded the loan and deposited funds into escrow. The complaint says the escrow disbursed funds to third parties for distribution. See the DOJ charging documents for detail.
Roles of the accused
- Glenis Cardona — A licensed real estate broker and owner of Golden Escrow; prosecutors allege she represented both the fake seller and buyer in escrow and directed disbursement of fraudulently obtained funds. (Company addresses listed in Sherman Oaks and Downey.) See MyNewsLA reporting and the DOJ release.
- Ivan Reyes and Arshak Akopyan — Identified as mortgage brokers who allegedly prepared and submitted the fake loan applications that secured the nearly $975,000 in proceeds. See MyNewsLA.
- Basil Tikriti — Allegedly impersonated victims using stolen identities; reported as at large by the DOJ. See the Department of Justice release.
Source verification and current status
The arrests and charges were announced by the U.S. Attorney’s Office, Central District of California. The complaint lays out the alleged use of stolen identities and forged documents to deceive lenders and a title company into funding the fraudulent sale. Criminal charges have been filed; no convictions have been reported, and the investigation may produce additional arrests or civil actions.
Background: Golden Escrow and past regulatory actions
Golden Escrow—also operating under names such as Golden Escrow – A Non-Independent Broker Escrow and Cardona Investments A Real Estate Co.—has prior regulatory matters with the California Department of Real Estate (DRE). Those administrative records provide context but are separate from the federal criminal complaint.
- In 2020 the DRE issued a Desist and Refrain Order (H-42207 LA) related to alleged unauthorized third-party escrow activities.
- A 2024 DRE accusation (H-43168 LA) alleges mishandling of escrows, unauthorized disbursements, commingling of funds and supervisory failures involving roughly 34 escrows and about $13 million in aggregate funds from April 2023 to June 2024.
Civil litigation tied to Cardona and Golden Escrow
Cardona and Golden Escrow appear in multiple civil dockets as defendants or parties required to produce records. Sample filings and dockets include matters such as Case No. 24STCV05010 and Trellis-hosted filings and case entries that reference escrow disputes and discovery. See a Trellis declaration and the Trellis case record for examples.
Investigators and victims
Prosecutors identify victims as the homeowner whose identity was stolen, the lender that funded the fraudulent loan, and a title company misled by forged documents. The complaint alleges the defendants impersonated both the homeowner and the buyer, conduct central to the fraud charges filed in federal court.
Why this matters: lender and market risk
This case highlights an evolving threat to real estate transactions: sophisticated identity theft paired with forged recordings and misuse of escrow services. When a broker with escrow access is accused of abuse, trust among sellers, buyers, lenders and title firms can be severely damaged.
For lenders: the case is a reminder to tighten identity verification, title checks and escrow controls—even on high-dollar loans—because large sums like $975,000 can be targeted. Local reporting has referred to the situation as “Burbank real estate fraud” as investigators work to determine who profited and who absorbed losses. See MyNewsLA.
Implications for The High Desert
Economic: Smaller, price-sensitive markets like the High Desert may feel ripple effects—lenders might increase underwriting scrutiny, slowing closings and adding costs for buyers who must provide extra identity verification. Local escrow and title companies could face higher compliance expenses.
Political & regulatory: The case could motivate calls for stricter oversight of non-independent escrow operations and closer coordination between state regulators and federal law enforcement—particularly among constituents and leaders who emphasize rule of law and property rights.
Social & cultural: Homeowners—especially older residents and second-home owners—may grow more concerned about identity theft and record tampering. Community outreach, property-record monitoring and clear responses from industry groups and government can help restore confidence.
Practical steps for residents
- Check county property records periodically and enroll in property-record monitoring when available.
- Confirm contact details with the county recorder and verify escrow company credentials and licensing before closing.
- Ask lenders and title companies about enhanced identity-verification procedures for high-dollar transactions.
Reporting and legal process
Federal prosecutors have filed a complaint and the case is proceeding through the federal system. Arrest reports and the DOJ release supply the factual allegations, but charges are not convictions. Readers can consult official filings for updates at the U.S. Attorney’s Office and public civil dockets; the investigation may result in further arrests or civil recovery actions.
Sources
- U.S. Department of Justice, U.S. Attorney’s Office, Central District of California
- MyNewsLA reporting
- California Department of Real Estate hearing files (H-43168 LA)
- California Department of Real Estate desist and refrain order (H-42207 LA)
- Civil case dockets and rulings (example: Case No. 24STCV05010)
- Trellis filing: declaration and related documents
- Trellis case record (24SMCV03970)
Reporting by High Desert News Online; sources include the U.S. Attorney’s Office and local court and regulatory records.
