By CBSLA Staff

LOS ANGELES (CBSLA) – After a multi-year investigation, officials at the Los Angeles Police Department announced Wednesday that 12 people have been arrested and indicted for a mortgage fraud and green loan scheme that led to the loss of $15 million.

The defendants collectively ran a scheme using the stolen identities of state prison inmates, people with developmental disabilities and deceased individuals to obtain mortgage and green loans between 2014 and 2020.

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Grigor Tatoian, 50, of Van Nuys, CA. is one of the 12 defendants arrested and indicted. (Photo: LAPD)

In a news release, department officials said the group altered tax documents, bank statements and payroll statements to make it appear as if the stolen identities all had high net-worths. The scheme also included forging names, signatures and personal information on loan applications, financial documents and county recorder documents as the defendants applied for millions in loans from mortgage and green loan lenders.

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Once the loans were acquired, the funds were transferred to accounts that the group of defendants controlled.

“This was a very lengthy and complex investigation,” LAPD Cpt. Lillian Carranza, commanding officer in the commercial crimes division, said in a statement. “The victims of these crimes deserve justice and due process.”

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In total, the 12 defendants face 133 felony counts for allegedly operating the fraudulent mortgage and green loan scheme throughout the Southern California region.