L.A. Broker Charged with Grand Theft

The Los Angeles City Attorney filed three counts of grand theft against Arshak (Mike) Rostomyan, 27, of Glendale, Calif. for allegedly defrauding consumers by selling bogus insurance policies.

According to the California Department of Insurance (CDI) Investigation Division, Rostomyan, who owns All Century Insurance Agency in Los Angeles, allegedly sold fraudulent insurance policies to consumers and collected premiums, but never submitted the money to any insurance companies. Rostomyan’s activities left many victims without valid automobile liability coverage and uninsured losses after having auto accidents. The victims believed they were insured at the time of their accidents.

Rostomyan primarily targeted Latino and Armenian consumers in the Los Angeles and Glendale areas. CDI investigators suspect there are more victims in this case.

Topics Agencies Fraud