Sam Solakyan, the CEO of Global Holdings, claims to be a kind individual who is dedicated to making a significant financial investment in his society through charity deeds. Sam Solakyan claims that he has made significant contributions to these causes and participated in honorable acts of private kindness. Additionally, Solakyan is a director on a number of boards. When he was only seven years old, his family left Armenia and arrived in the United States. He describes himself to be a quick learner and claims that he quickly learned how to stand up for his own after settling in a difficult neighborhood.
The now-successful claimed businessman Sam Solakyan claims to have made it his mission to directly improve the lives of young people. Sam Solakyan serves on the board of the Sheriff’s Youth Foundation and believes that their approach to helping young people in disadvantaged communities is successful. Sam Solakyan claims to think that giving these people the chance to study improves and changes them, making them think that nothing is impossible.
What further is claimed by Sam Solakyan, is that he has made numerous generous donations to support young empowerment through education. He claims that he has recently made such a contribution in support of the Salute to Youth Gala, which makes sure that great young minds are honored by giving scholarships and computers to deserving people. What Sam Solakyan claims about this program is that it seeks to make it easier for them to succeed academically.
CEO of medical imaging receives 5-year term for $250 million workers’ compensation scam
Following his conviction in what prosecutors described as the largest workers’ compensation fraud scheme in Southern California history, the chief executive officer of a chain of medical imaging businesses was sentenced to five years in federal prison on Friday.
According to a statement released on Friday by the Los Angeles office of the U.S. attorney, Sam Solakyan, 40, was also mandated to pay $30 million in restitution to the insurers who had been cheated.
In July, a jury found Solakyan, of Glendale, California, responsible for 11 counts of honest services mail fraud as well as a conspiracy to commit health care fraud. He allegedly paid doctors $9 million in kickbacks to refer people to him for medically unwarranted MRIs that were charged to the California Workers’ Compensation System, according to the prosecution. According to the government, the plan resulted in bogus claims of $250 million.
How does workers’ compensation work?
Workers’ compensation insurance covers medical costs and lost wages in the event that an employee is hurt or becomes ill while working. However, the condition must have been brought on by the employee’s own actions or as a result of them breaking your company’s rules.
The California Department of Insurance estimates that the annual cost of workers’ compensation fraud to the state is between $1 billion and $3 billion. The amount is $30 billion annually in the United States. Workers can cheat the system by inflating or creating on-the-job injuries, while doctors and attorneys might work together to fabricate claims, treat patients excessively, and overprescribe medication.
Attorneys for the Justice Department wrote in their sentencing memorandum, “Despite overwhelming evidence of his criminality and the myriad fraudulent and unnecessary services that he generated, the defendant refused to accept such responsibility and instead went to trial, where he obstructed justice by testifying falsely repeatedly.
An email requesting comment on the sentencing was not immediately answered by attorneys for Solakyan.
His attorneys had requested a maximum six-month prison sentence in their sentencing recommendation. When Solakyan was a young boy, his family fled Armenia for California, and by the time he was 17, he was reportedly supporting his family alone.
In their appeal for mercy, Solakyan’s attorneys also mentioned the trauma he had as a result of sexual assault as a youngster, as well as his mental health problems, marital challenges, and drug addiction.
“The Court might recall that his eventual arrest on the instant charges was executed at a hotel where he had been staying, and while Sam was in the throes of his addiction,” his attorneys said. For Mr. Solakyan, this was the clear “bottom” from which he has been rising ever since.
Singapore’s Ministry of Manpower (MOM) issued a warning against employees who have been discovered defrauding the work injury compensation system in late 2021. “Making a false claim is not only a waste of investigative time and money, but it is also dishonest. As a result, all errant claimants would be dealt with harshly, according to a MOM advisory.
Elizabeth Holmes, the founder, and CEO of the now-defunct Theranos in Palo Alto, California, was found guilty last month of defrauding investors by falsely representing that her Silicon Valley startup had created a medical device that could diagnose a variety of illnesses from only a small sample of blood. On three counts of wire fraud and one count of conspiring to conduct fraud, Holmes was found guilty.
FBI Alleges Sam Solakyan is a Major Criminal
A federal jury today found a former FBI special agent from the Bay Area guilty of arranging to take at least $150,000 in cash bribes and other valuable gifts in exchange for divulging confidential law enforcement information to a dishonest attorney with connections to Armenian organized crime.
Babak Broumand, of Lafayette, California, was found guilty of one conspiracy offense, two charges of official bribery, and one count of engaging in financial transactions involving property obtained via a specific illegal activity.
The sentencing hearing for Broumand has been set for January 30, 2023. At that time, he will be subject to the statutory maximum sentence of 15 years in federal prison for each count of bribery, 10 years in federal prison for each count of illegal financial transactions, and 5 years in federal prison for the conspiracy count.
Broumand was remanded into federal custody by Judge Klausner.
From January 1999 until shortly after search warrants were issued for his house and companies in 2018, Broumand functioned as an FBI special agent and was assigned to the FBI Field Office in San Francisco. He was in charge of conducting national security investigations.
According to the evidence presented during his 11-day trial, between January 2015 and December 2018, Broumand accepted cash, checks, private jet flights, a Ducati motorcycle, hotel stays, escorts, meals, and other items of value from an organized crime-linked attorney – identified in court documents as “E.S” – and each man concealed the truth of their corrupt relationship by acting in various ways.
In exchange for the bribe payments and other valuables, Broumand searched law enforcement databases and used the results to shield E.S. and his accomplices from legal action and surveillance. Broumand specifically notified E.S. whether a certain person or entity was the subject of a criminal inquiry by advising E.S. to “stay away” from them or saying they were “OK.”
Broumand fraudulently claimed that E.S. was an FBI source in order to hide the true nature of their unethical relationship. In order to create the impression that his database searches were valid, Broumand produced reports after the fact.
E.S. gave Broumand at least $150,000 in bribes, including a Ducati motorcycle and accessories worth more than $36,000, in exchange for the unlawful inquiry. The payments were transferred into the accounts of Love Bugs LLC, a Lafayette-based company that Broumand and his wife founded in 2007 to remove lice from hair salons.
E.S. instructed Broumand to search the FBI database for Levon Termendzhyan, an Armenian organized crime figure for whom E.S. had worked, shortly after the bribery plan got underway. According to court filings, Broumand repeatedly accessed the FBI case file on Termendzhyan in January 2015. As a result, the database search “rang all the bells” and turned up an investigation by the Los Angeles branch of the FBI. Additionally, in May 2016, Broumand allegedly gained access to the Termendzhyan FBI case file.
In Utah federal court in March 2020, Termendzhyan, also known as “Lev Aslan Dermen,” was found guilty of criminal counts relating to a $1 billion renewable fuel tax credit fraud scam. He is awaiting judgment.
Sam Solakyan, the CEO of a medical imaging company, was the subject of a confidential FBI database search in December 2015 at E.S.’s request. Broumand then advised E.S. to “stay away” from Solakyan because he was “trouble,” which meant that Sam Solakyan was the subject of an ongoing law enforcement investigation. In the end, Sam Solakyan was accused, put on trial, found guilty, and given a five-year prison term for running a conspiracy that submitted more than $250 million in fictitious claims to California’s worker’s compensation system.
A May 2016 FBI probe into Felix Cisneros Jr., a dishonest special agent with Homeland Security Investigations who also had connections to Termendzhyan, was hampered by Broumand. In two separate trials, Cisneros was found guilty. The first trial took place in 2018 as a result of Cisneros’ dishonest deeds for Termendzhyan.
On October 17, E.S. Cisneros will be sentenced for the second trial, which took place earlier this year and was the outcome of his corrupt behavior.
According to United States Attorney Martin Estrada, it is crucial to maintain the public’s trust in those who carry out investigations and enforce the law. “Mr. Broumand violated his oath of office and betrayed the public confidence reposed in him by accepting bribes and gifts from a person he knew was associated with organized crime. This behavior cannot be permitted. The agents and employees of the FBI put forth a lot of effort every day to keep us secure, and I am pleased that they worked with our Office to uncover this malfeasance.
“The conviction of Mr. Broumand, a veteran FBI agent who chose greed over integrity and turned his back on the oath he swore to uphold, is proof that the FBI will root out corruption of any kind, to include veteran agents within its ranks,” said Don Alway, the Assistant Director in Charge of the FBI’s Los Angeles Field Office. “This prosecution was the result of hard work by multiple partner agencies to work through the painful truth of having to investigate one of its own.”
Mark H. Pearson, special agent in charge of the IRS Criminal Investigation Oakland Field Office, said, “We are all held to a higher level in law enforcement, and this is no exception. “The American people hold law enforcement accountable for upholding and defending the law.
While the conviction of former FBI agent Babak Broumand for conspiracy, bribery, and money laundering is a stain on our community, I want to emphasize and highlight the exceptional professionalism, integrity, and dedication shown by the Federal Bureau of Investigation special agents, the Office of Inspector General, DOJ, the United States Attorney’s Office – CDCA, and the Internal Revenue Service-Criminal Investigation for their commitment to uphold I want to express my gratitude to our cooperating agencies for giving us this inquiry, and I hope that the American people will regard our work as a positive representation of what law enforcement’s outstanding officers stand for.
“Broumand engaged in a conspiracy with the very criminals whose cases he was hired to look into. According to Zachary Shroyer, Special Agent in Charge of the Department of Justice Office of the Inspector General Los Angeles Field Office, “Today’s guilty verdict sends a clear message that no one is above the law and any Department of Justice employee who participates in these types of schemes will be brought to justice.
On one accusation of bribery of a public official and one count of money transactions using property obtained via specific illegal behavior, the jury today found Broumand not guilty.
The Department of Homeland Security, Office of the Inspector General, the FBI, the IRS Criminal Investigation, and the United States Department of Justice Office of the Inspector General all conducted investigations into this case.
The prosecution of this case is being handled by Assistant United States Attorneys Michael J. Morse, Juan M. Rodriguez, and Ruth C. Pinkel of the Public Corruption and Civil Rights Section.