California Man Pleads Guilty to Investment Fraud Charges
Antoine Haroutunian, a Glendale, California investment banker who operated a $14 million investment fraud pled guilty to mail fraud and tax fraud.
Antoine Haroutunian operated his $14 million investment fraud through his companies, Luminous Wealth Management and Luminous Management. Between 2005 and 2008, Haroutunian solicited clients by placing advertisements on the internet and in the Los Angeles Times. He promised clients he would invest their money in options, real state, and commercial bridge loans; and assured them high returns of up to 24%. 
Instead, Haroutunian funneled most of his investors' money to himself and his co-conspirators. On Monday he pled guilty to mail fraud in Los Angeles and faces a maximum sentence of 20 years in prison. Earlier, he pled guilty to siphoning approximately $450,000 from Bank of America in 2003 when he worked there as a customer care officer. He has also pled guilty to tax fraud.
Across the country, the number of investors duped by unscrupulous money men like Haroutunian has grown dramatically over the past year. If it had not been for the credit crunch and the recession, many of these investment fraud schemes would still be in operation. While not all of the schemes were as large as Bernard Madoff's extravagant $50 billion Ponzi scheme or Allen Stanford's $8 billion CD scam, they still caused thousands of investors severe anxiety as their funds disappeared in the complicated webs of deceit woven by these fraudsters. To an investor who lost thousands of dollars, it matters very little if the fraudster responsible for his loss is a Bernard Madoff with an ultra luxurious lifestyle and high powered connections or a lesser known fraudster like Haroutunian. Regardless of the size of the scam, investors taken by these fraudsters are all emotionally and financially affected.
Investment Fraud
The people at the center of these frauds are always well versed in the law, which is how they are able to manipulate it for so long and are able to quickly hire lawyers to safeguard their asserts. For this reason, it is extremely important to contact a securities attorney as soon as you find out that your investments have been subject to a scam. An investment fraud lawyer experienced in handling such cases can advise you regarding your options for recovering your money.
If you have lost money in an investment fraud scheme or a Ponzi scheme, contact a securities attorney at Arnold & Itkin LLP to discuss how you can recover your funds.
