Rancho Cordova, Glendale Men Suspected in Bank Fraud

Department of Defense press release

Karapet Damaryan, 63, of Glendale, and Garik Voskanyan, 30, of Rancho Cordova, have been charged with bank fraud and identity theft, United States Attorney Benjamin B. Wagner announced.

A federal grand jury returned the two-count indictment on Aug. 15, 2013. The indictment alleges that Damaryan and Voskanyan were part of a scheme to take control of another person’s bank account and wire money to a gold bullion dealer in Placerville in exchange for 96 gold coins worth approximately $141,000. According to court documents, the defendants were caught by Placer County Sheriff deputies when they arrived to take possession of the gold coins. Damaryan is additionally charged with aggravated identity theft for using a false driver’s license in the name of the victim during the bank fraud scheme.

This case is the product of an investigation by the United States Secret Service and the Placer County Sheriff’s Office. Assistant United States Attorney Matthew G. Morris is prosecuting the case.

Damaryan and Voskanyan made an initial appearance in court on Tuesday; they were released on $50,000 bond each. They are scheduled for arraignment on August 23, 2013, at 2:00 p.m. before U.S. Magistrate Judge Carolyn K. Delaney.

If convicted, the defendants face a maximum statutory penalty for a violation of bank fraud of 30 years in prison and a $1 million fine. A conviction for aggravated identity theft carries an additional mandatory two year prison term, which must be served consecutively to any sentence for bank fraud.

Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.