Los Angeles Times
October 8, 2005 Saturday
Home Edition
IN BRIEF Los Angeles County / LOS ANGELES;
Van Nuys Man Accused of Defrauding Investors
>From Times Staff and Wire Reports
A man accused of fraudulently raising about $20 million through his
Glendale investment firm has been arrested on suspicion of mail fraud
and other violations.
Melkon Gharakhanian, 43, of Van Nuys, also known as Mike Garian, was
indicted Wednesday by a federal grand jury on eight counts related to
his operation of National Investment Enterprises Inc., according to
the U.S. attorney’s office.
>From late 1999 to 2001, Gharakhanian falsely told investors he had an
inside line on initial public offerings for technology-related
stocks, according to prosecutors. Authorities say Gharakhanian
targeted Armenians and never used investor funds as promised.o7