A Newport Beach man pleaded guilty in federal court Monday to participating in a fraud scheme that promised to help debtors pay off their credit cards but instead charged them secret upfront fees that ate up most of their payments for up to six months, according to authorities.
John Vartanian, 57, admitted he didn’t disclose the fees and made false statements to prospective customers while he worked as a salesman at two companies that pitched themselves as law firms that would negotiate settlements for debtors.
Vartanian pleaded guilty to one count of conspiracy to commit mail fraud and wire fraud, according to a news release from federal officials.
He faces a maximum sentence of 20 years in prison a…
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