Glendale resident Mikayel Hmayakyan, 43, pleaded guilty Monday to two counts of federal bank fraud for leading a credit card scheme using fake identities, according to the Justice Department.
Hmayakyan admitted in a plea agreement to allegations that he fraudulently obtained credit cards with “synthetic identities,” using a combination of real and falsified information. He allegedly used the credit lines to purchase millions of dollars’ worth of luxury items including watches and vehicles.
The Justice Department estimated losses to banks from the scheme totaled $5.2 million.
As part of the scheme, Hmayakyan and others allegedly used ill-gotten credit cards to fund the purchase of hundreds of thousands of dollars of alcohol as stock for the now-closed Liquor Spot store in Glendale. The former manager, Glendale resident Vahan Aloyan, 45, is a co-defendant in the case.
Hmayakyan admitted to using fake identities to apply for car loans with no intention of making payments. He also admitted to allegations that he used fraudulently obtained credit cards to buy plots at the Forest Lawn Cemetery in Glendale and resell the plots at a profit.
U.S. District Judge George Wu has scheduled Hmayakyan’s sentencing hearing for November 16. Hmayakyan faces a maximum of 62 years in prison.