Burbank real estate fraud scheme nets arrest of licensed broker; fourth suspect remains at large
Federal authorities arrested three people, including licensed broker Glenis Cardona, on Feb. 11, 2026, for allegedly engineering a sophisticated $1.5 million real-estate fraud in Burbank that produced roughly $975,000 in illicit loan proceeds; a fourth suspect remains at large.
Key takeaways
- Three arrests: Glenis Cardona, 63; Ivan Reyes, 50; and Arshak Akopyan, 46 were arrested Feb. 11, 2026, on federal fraud charges. A fourth suspect, Basil Tikriti, 54, is being sought. (Names and ages reported by local and federal filings.)
- Loan proceeds: Investigators allege the scheme produced roughly $975,000 in loan proceeds on a Burbank home the conspirators did not own.
- Methods alleged: Stolen identities, forged and falsely notarized documents, a manipulated lien/encumbrance report, and diversion of escrow funds to third parties.
- Sources and prosecution: The matter is being prosecuted by the U.S. Attorney’s Office; federal details are available via the U.S. Department of Justice press release and local reporting by MyNewsLA.
Details of the arrests and alleged scheme
Who was arrested: Federal authorities identified the arrestees as Glenis Cardona, 63, of Highland; Ivan Reyes, 50, of Van Nuys; and Arshak Akopyan, 46, of Northridge. Prosecutors say Basil Tikriti, 54, of Marina del Rey, remains at large.
The complaint alleges the defendants fraudulently sold a Burbank house they did not own. The U.S. Attorney’s Office provides the criminal complaint and press materials. See the U.S. Department of Justice press release for the federal filing.
How investigators say the scheme worked
Federal filings describe a multi-step fraud spanning late 2023 through January 2024. Key alleged elements include:
Lien check and access
Allegation: Prosecutors say licensed broker Glenis Cardona obtained a lien or encumbrance report to confirm whether the Burbank property had judgments or claims—an otherwise routine step investigators allege was used to falsely clear title.
Forged paperwork
Investigators allege the group prepared a suite of false documents—identity cards, a purchase agreement, a grant deed, a deed of trust, loan applications—and that some deeds were falsely notarized to appear authentic. Those documents were presented to a lender, which funded a loan.
Loan funding and diversion of proceeds
After funds were disbursed into escrow, prosecutors allege Cardona directed payments to multiple third‑party entities so conspirators could receive the proceeds. Investigators estimate about $975,000 in proceeds were paid out through the scheme, even though the home remained the legal property of the true owner.
Role of the at-large suspect
Authorities allege Basil Tikriti used stolen identities to impersonate both the homeowner and an alleged buyer; the homeowner did not authorize the sale. Tikriti was reported at large at the time of the Feb. 11 announcement.
“The investigation is ongoing,” federal prosecutors said, noting additional charges or arrests could follow as evidence is reviewed and funds are traced back to conspirators.
Charges and prosecution
The U.S. Attorney’s Office for the Central District of California is prosecuting under federal statutes related to wire fraud, mail fraud, and conspiracy to commit fraud. Court filings and the press release indicate the matter remains under active investigation and further charges are possible. Read the federal materials via the U.S. Department of Justice press release.
Background on Glenis Cardona and regulatory history
Public records show Cardona previously faced regulatory action from the California Department of Real Estate (hearing file) in 2020 for providing third-party escrow services improperly. A 2024 accusation alleges multiple violations tied to escrow transactions, improper disbursements of more than $324,000, and handling about $13 million in escrow funds across roughly 34 closed escrows. Those administrative proceedings are separate from the federal criminal case but provide regulatory context.
Local reporting and federal statement
Local coverage summarized the alleged scheme, noting the Burbank property had been listed at about $1.5 million while roughly $975,000 in loan proceeds were paid out. Both local reporting and the federal complaint lay out the sequence of alleged acts. See MyNewsLA and the U.S. Department of Justice press release for original materials.
What investigators say victims and lenders should watch for
- Unexpected transfers: Sudden or unanticipated deeds or liens filed at the recorder’s office.
- Document authenticity: Notarized documents that appear official but contain altered or fake signatures.
- Identity mismatches: Loan applications or deeds that do not match the homeowner’s known identity.
Advice to lenders and title companies: Verify identities, check notarizations carefully, and confirm seller authorization directly with property owners before funding transactions. The federal press release provides additional context: U.S. Department of Justice press release.
Implications for The Imperial Valley, California
Economic impact: Although the alleged fraud occurred in Burbank, statewide lenders serving the Imperial Valley may tighten lending rules, potentially slowing approvals and raising costs for local borrowers.
Political consequences: Local officials and consumer advocates could push for stronger escrow oversight, tighter licensing checks, and clearer notary enforcement—especially to protect vulnerable communities.
Social and cultural effects: Cases involving licensed brokers can erode trust in local real-estate professionals; outreach in Spanish and other community languages will be important to rebuild confidence and help residents protect property.
Practical steps for residents and local lenders
- Check title records regularly: Review county recorder filings; report unexpected deeds or liens immediately.
- Verify notaries and escrow agents: Confirm licensing and complaint history via the California Department of Real Estate.
- Use title insurance: Confirm coverage and contact providers if fraud is suspected.
- Report suspected fraud: Contact local law enforcement, your lender, the county recorder, and federal authorities (see the U.S. Department of Justice press release).
- Seek legal help: Contact legal aid or consumer protection groups for free or low-cost assistance if a deed or lien appears without authorization.
Reporting and next steps in the case
Federal prosecutors say the investigation remains active and additional charges or arrests are possible as evidence is reviewed and recovered funds are traced. The criminal complaint and press release supply the formal allegations and the identities of those arrested. Follow federal filings and local reporting for updates.
