Burbank Real Estate Fraud: Broker, Accomplices Arrested in $1.5M Scheme

The arrests and charges

Federal investigators from the U.S. Attorney’s Office in Los Angeles say the Feb. 11, 2026 arrests stem from a probe into a scheme that created the appearance of a legitimate sale and refinancing of a Burbank property. Authorities allege stolen identities and forged paperwork were used to convince a lender to fund a loan.

“These false documents and information were submitted to a lender who funded the loan.” — U.S. Department of Justice (quoted in federal news release)

Who the defendants are

• Glenis Cardona, 63: A licensed real estate broker who runs Golden Escrow with offices in Sherman Oaks and Downey; accused of arranging and directing the fraudulent transaction and handling escrow funds — MyNewsLA.
• Ivan Reyes, 50, of Van Nuys, and Arshak Akopyan, 46, of Northridge: Identified as mortgage brokers who submitted applications tied to the fake sale — MyNewsLA.
• Basil Tikriti, 54, of Marina del Rey: Accused of impersonating both the homeowner and the buyer using stolen identities; currently sought by investigators — MyNewsLA.

How the stolen-identity home scheme worked

Investigators describe a multi-step conspiracy designed to create a convincing, but fraudulent, conveyance of the Burbank property (valued at about $1.5 million). The alleged steps included:

• Ordering a lien report: Golden Escrow obtained a lien/judgment report to confirm title status — a normal escrow step that was exploited here to ensure no encumbrances would block the phony sale (MyNewsLA).
• Forging documents: Fake identity cards, a purchase agreement, a grant deed, deeds of trust, loan applications and other documents were allegedly produced; many were falsely notarized to appear authentic (MyNewsLA).
• Impersonating victims: Tikriti allegedly posed as both homeowner and buyer using stolen identities while Cardona is accused of falsely representing both parties without authorization (MyNewsLA).
• Submitting loan applications: Reyes and Akopyan are accused of applying for mortgage funds based on fake paperwork; lenders allegedly funded roughly $975,000 that was deposited into escrow (MyNewsLA).
• Moving the money: After funding, Cardona allegedly directed escrow disbursements to multiple third parties so the fraud proceeds could be received and dispersed (MyNewsLA).

Regulatory history and warning signs

Public records show prior enforcement against Cardona by the California Department of Real Estate. In 2020 she was issued a desist-and-refrain order for unauthorized third-party escrow activity.

A later DRE accusation and audit (2025) alleged broader violations, noting roughly $13 million processed across about 34 transactions during the audit period and concerns about unauthorized disbursements, failures to obtain principal authorization, and inadequate supervision.

Why this matters to lenders, title companies and homeowners

The case illustrates vulnerabilities in property transactions: identity verification, title searches and escrow oversight are critical. When documents are forged and notaries are falsified, lenders can be tricked into funding loans and homeowners can lose equity through transactions they never authorized.

Federal officials emphasized that the submission of false documents to a lender led to loan funding — the central mechanism by which fraudsters convert fictitious ownership into cash and then quickly disperse the proceeds.

Local angle: how Burbank was targeted

Investigators say the defendants selected a high-value Burbank property and routed the fake sale through ordinary-looking escrow and mortgage channels to create a veneer of legitimacy. The use of a local escrow firm with Los Angeles-area offices reportedly helped the scheme appear routine to outside parties.

Implications for San Diego

Economic impact

• Lenders and title companies in San Diego should be alert to similar tactics that can extract nearly $1 million in illicit funds.
• Homeowners could face delays and costs clearing forged titles; fraudulent recordings can disrupt sales or refinance plans.

Political consequences

• Local officials may face pressure to tighten oversight of escrow companies and notaries and allocate resources for fraud prevention.
• The case could spur inter-agency cooperation between county recorders, law enforcement and the DRE.

Social effects

• Victims of identity theft may experience long-term credit damage and stress; community outreach to vulnerable populations is essential.

Practical applications for San Diego residents

• Check county property records: Periodically review the San Diego County Recorder’s online records for unexpected deeds or liens.
• Monitor credit and mortgage statements: Regular checks and alerts can help catch unauthorized loan activity early.
• Confirm identity steps: Ask escrow, title and mortgage professionals to explain verification and notarization measures before closing.
• Report suspicious activity: Contact local law enforcement and your lender if you notice unusual mail, calls, or recorded documents.

Source documents and reporting

• MyNewsLA report on arrests and alleged scheme
• California Department of Real Estate — 2020 desist-and-refrain order (PDF)
• California Department of Real Estate — 2025 accusation and audit (PDF)
• U.S. Department of Justice news release referenced by investigators (quoted material from DOJ)

Investigators urge contact

Authorities continue to seek information about the still-at-large suspect, Basil Tikriti. Anyone with information is urged to contact federal authorities. Consumers and professionals should treat this case as a reminder to verify identities and documents carefully in real estate transactions.