The operators of a Los Angeles-based mortgage company known as Liberty One Financial Group, Inc., have been convicted of conspiring to deceive homeowners seeking to refinance their existing mortgages through bait-and-switch tactics and forgery of loan documents, according to the Los Angeles City Attorney’s Office.

Deputy City Attorney Michele Anderson, of the Special Litigation Unit, successfully prosecuted the case against Liberty One employees Vighen Mkrtoumian and Layne Nocera, and company CFO Khachatour Galdjian. Each of the defendants were convicted of conspiracy and multiple counts of grand theft and forgery, and were ordered to pay $43,584 in restitution and investigative costs.

Mkrtoumian was sentenced to 60 months probation and 180 days in county jail. He must also surrender all real estate licenses. Galdjian was sentenced to 180 days in jail, and Nocera was sentenced to 90 days in jail. Both Galdjian and Nocera were also placed on 60 months probation.

John DiBona, a telemarketer for Liberty One, and Wayne Stimson, a company broker, were also convicted of one count of false representation in a real estate transaction. Stimson was sentenced to 36 months probation and 120 days in jail, while DiBona was sentenced to 24 months probation and was ordered to complete 10 days of Caltrans work. Garnik Poghosyan, CEO of Liberty One, currently has a $350,000 warrant issued for his arrest.

In 2007, DiBona “cold called” homeowners and offered to refinance an existing mortgage loan. Along with Nocera, a Liberty One sales director, DiBona deceived the victims into applying for and obtaining refinancing in excess of the amount, interest and monthly payments they were promised by the lender. The victims later learned that their signatures had been forged on many of the loan documents, and that their income and assets had been fabricated. By the time the victims were made aware of all of the discrepancies and tried to get assistance with the problems, they were threatened with foreclosure and had suffered substantial financial losses.