Man, Son Held on Charges of Bank Fraud
Federal agents arrested a father and son on Friday on suspicion of defrauding a Dallas bank on a multimillion-dollar loan, authorities said.
Adolf Vartanian, 59, and Blake Vartanian, 32, both of Yorba Linda, were arrested without incident outside their home in the 17200 block of Growers Circle, said Charlie J. Parsons, special agent in charge of the Los Angeles FBI.
After a hearing before a federal magistrate in Los Angeles, the Vartanians were released on their own recognizance, agreeing to appear in Dallas before Feb. 28 for arraignment, said FBI spokesman Gary Morley.
The U.S. attorney’s office in Dallas indicted the Vartanians on Thursday on charges of bank fraud and making false statements to a federally insured financial institution, Texas American Bank in Dallas.
The Vartanians’ case stems from a multimillion-dollar loan from Texas American in May, 1985, said Don Ramsey, an FBI special agent in Dallas.
The Vartanians, who federal agents said are in the real estate business, obtained a bank loan to buy an Arlington, Tex., apartment complex being sold for $2.9 million, Ramsey said. The pair had the complex appraised at an inflated price, obtained a loan for $3.8 million and pocketed the difference, federal officials said.
When the Vartanians defaulted on their loan payments, the bank foreclosed and sold the complex at a loss of $250,000, Ramsey said.
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