Burbank Real Estate Fraud: Broker Glenis Cardona Arrested in Alleged $1.5M House Sale Scheme
Federal authorities arrested a Burbank real estate broker and two associates on Feb. 11, 2026, accusing them of fraudulently selling a $1.5 million home using stolen identities and forged documents to obtain about $975,000 in loan proceeds.
Key takeaways
- Arrests: Glenis Cardona (63), Ivan Reyes (50) and Arshak Akopyan (46) were arrested; a fourth suspect, Basil Tikriti (54), remains at large.
- Alleged fraud: A $1.5 million Burbank home was allegedly sold without authorization using forged deeds, false IDs and stolen identities.
- Funds: Investigators say roughly $975,000 in loan proceeds were funded based on the false paperwork.
- Regulatory history: Cardona and Golden Escrow have prior DRE actions and civil disputes raising oversight concerns.
Arrests and alleged scheme
Who was arrested: Federal authorities arrested Glenis Cardona, 63, of Highland; Ivan Reyes, 50, of Van Nuys; and Arshak Akopyan, 46, of Northridge on Feb. 11, 2026, on a criminal complaint alleging property fraud, identity theft and related counts. A fourth suspect, Basil Tikriti, 54, of Marina del Rey, is still being sought by law enforcement (U.S. Department of Justice release).
Details of the alleged scheme
Federal investigators allege the scheme ran from late 2023 through January 2024 and began when Cardona, through her company Golden Escrow, obtained a property report to confirm the Burbank home appeared free of liens and judgments. Investigators say Cardona then controlled escrow, directed loan funds and represented both the purported seller and buyer without authorization (DOJ press release).
According to the complaint, the defendants assembled a packet of forged documents — false identity cards, a bogus purchase agreement, a grant deed, a deed of trust and loan applications — which were falsely notarized and submitted to a lender that funded the loan. As the complaint states,
“These false documents and information were submitted to a lender who funded the loan.”
The lender later funded about $975,000 based on the false paperwork (MyNewsLA report).
Alleged roles of suspects and victims
- Basil Tikriti: Allegedly impersonated the homeowners and others using stolen identities.
- Ivan Reyes & Arshak Akopyan: Accused of acting as mortgage brokers who submitted fraudulent loan applications.
- Victims: The homeowner, one or more lenders and a title company that processed the transaction suffered harm and potential financial loss.
Background on Glenis Cardona and Golden Escrow
Cardona is identified as the owner and operator of Golden Escrow, with offices in Sherman Oaks and Downey. Public regulatory and civil records show a history of enforcement and litigation involving her business.
In 2020 the California Department of Real Estate issued a Desist and Refrain Order (H-42207 LA) alleging third-party escrow activity without required real estate acts and violations of California Financial Code §17006(a)(4) and Business and Professions Code §10086.
A later DRE accusation for 2024–2025 (H-43168 LA) alleges mishandling of multiple escrows, unauthorized disbursements exceeding $280,000 and supervisory failures; the filing notes roughly 34 escrows and about $13 million handled through a Bank of America account during an audit window.
Cardona and Golden Escrow also appear in civil court records, including case 24STCV05010 and related filings (related civil filing).
Federal charges and potential penalties
The defendants were charged in a federal criminal complaint with counts tied to property fraud, identity theft and wire/bank fraud connected to the loan funding. The U.S. Attorney’s Office in Los Angeles is prosecuting the case; officials emphasize the use of stolen identities and forged documents to obtain funds (DOJ press release).
Note: The complaint outlines allegations — arrests are not convictions. If convicted, defendants could face substantial fines, prison sentences and federal asset forfeiture; lenders and title insurers may also pursue civil remedies.
How lenders and title companies were affected
Investigators report the lender funded nearly $975,000 based on fraudulent loan applications and deeds. The title company that recorded or processed the documents must now untangle chains of title, pursue insurance claims and address potential litigation. In similar cases, lenders and title insurers have filed civil claims and referred matters for criminal investigation (DOJ release; MyNewsLA report).
Regulatory oversight and prior warnings
DRE actions against Cardona and Golden Escrow raise questions about enforcement timelines and the safeguards that prevent escrow and title fraud. The 2020 Desist and Refrain Order and the 2024–2025 accusations cite unauthorized escrow activity, improper disbursements and inadequate internal controls — all risk factors that regulators warn can enable fraud if unaddressed (DRE Desist and Refrain Order; DRE accusation file).
Industry best practices cited by local attorneys include escrow holds, independent verification of signers and tighter disbursement controls — safeguards that, according to the DRE filings and civil records, may not have been followed consistently by Golden Escrow.
Implications for Huntington Beach
Economic impact: Homeowners, lenders and escrow businesses in Huntington Beach may see higher closing costs and insurance premiums if title insurers and lenders increase due diligence or require extra verification on high-value transactions (DOJ release).
Political and social effects: The case may prompt calls for stricter enforcement of real estate regulations, faster disciplinary action on flagged businesses and increased community demand for assistance clearing titles — particularly for seniors and small investors who can face lengthy legal battles.
Practical advice: Homeowners should confirm deed and lien records, consider placing notices if transfers seem suspicious, insist on in-person identity verification at closings, use title insurance and request clear chains of custody for closing funds.
Ongoing investigation and next steps
The investigation is ongoing. The U.S. Attorney’s Office will prosecute the federal complaint while law enforcement continues to seek the fourth suspect, Basil Tikriti. Authorities urge homeowners, lenders and escrow firms to review recent transactions and report suspicious activity to investigators (DOJ press release).
