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Fraud Friday — Former FBI Agent Attempts to Conceal Organized Crime Income on Loan Application

May 1, 2020

By Caity Witucki
Contributing Editor, Fraud Friday

 Fraud Friday Former FBI Agent Attempts to Conceal Organized Crime Income on Loan Application

Former FBI Agent, Babak Broumand, was arrested last week on federal criminal charges alleging that he accepted cash bribes from the Armenian mob in exchange for sensitive information. Broumand then allegedly failed to report the funds on his federal tax returns and made false statements about his income when applying for a loan. 

According to the criminal complaint filed last week, a man with ties to the Armenian mob met Broumand at a private cigar lounge in Beverly Hills in 2014. Upon noticing Broumand’s expensive tastes and his affinity for luxury goods and services, the man became friends with Broumand and invited him to a party that he was hosting at a rented house in Las Vegas.

After further cultivating their friendship, the man allegedly informed Broumand that he was engaged in criminal activity and asked if Broumand was interested in doing “something on the side.” According to the complaint, Broumand accepted the offer and began getting paid approximately $10,000 per month for information and protection.

Many of the alleged bribe payments were made in cash, however, one payment tied to the scheme was a $30,000 cashier’s check made payable to Broumand’s lice salon business called Love Bugs.

Shortly after receiving the cashier’s check, Broumand and his wife applied for a loan in order to purchase a $1.3 million vacation home near Lake Tahoe. On the loan application, Broumand attempted to falsely characterize the source of the $30,000 cashier’s check and provided his lending institution with inaccurate tax documents. As a result of the false statements, the $30,000 was accepted as part of the down payment and Broumand’s loan was approved.

The ongoing investigation into Broumand is being conducted by the FBI, the Department of Justice, and the IRS. Pursuant to U.S. law, Broumand is presumed innocent until proven guilty beyond a reasonable doubt. However, if Broumand is found guilty, he could serve up to five years in federal prison.

Source:
Department of Justice – Ex-FBI Agent Arrested on Conspiracy Charge Alleging He Accepted Bribes Paid by Lawyer Linked to Armenian Organized Crime Figure



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