FBI arrests businessman for alleged house-buying scheme

The U.S. government has indicted a businessman by defrauding two real estate companies based in Switzerland in the total amount of $375,000 by engaging in a scheme purportedly to buy a house in Saipan for the companies.

Khajadour J. Semikian, 52, was charged with three counts of wire fraud in federal court. The Federal Bureau of Investigation arrested him last week in California on strength of an arrest warrant issued by U.S. District Court for the NMI Chief Judge Alex R. Munson.

Semikian allegedly obtained $250,000 from Cupspring Investment Co. and $125,000 from Brisadal Real Estate Co.

A superseding indictment was filed against Semikian under seal on April 26, 2006. But during Friday’s hearing, Munson granted assistant U.S. attorney Craig Moore’s motion to unseal the case.

Munson ordered that the secured bond in the amount of $300,000 remain as previously set by the federal court in California.

Munson set the jury trial for July 31, 2006.

According to the indictment, Semikian was president of Retsa Development Inc., a real estate development company located on Saipan. The defendant was also president of three companies on Saipan called Namlas Development Corp., Amal Development Inc., and Anwar Development Inc. Each was formed for the purpose of buying, holding, and investing in real estate in the CNMI.

Cupspring Investment was the shareholder in Namlas Development, while Brisadal Real Estate was the sole shareholder of Amal Development.

Atty. Moore stated that from January 2002 until July 2005, Semikian carried out the scheme to defraud and to obtain money from Cupspring Investment and Brisadal Real Estate “by means of false and fraudulent pretenses, representations, and promises.”

Moore said Semikian represented to Cupspring Investment that a particular house in Saipan was available to buy, that he knew the owner, and that he could purchase it for $250,000.

Namlas Development was established with the defendant, as president purportedly for the purpose of buying the house.

In January 2002, Semikian obtained $150,000 from Cupspring Investment purportedly to be used by Namlas Development toward the purchase price of the house.

In March 2002, the defendant obtained $100,000 from Cupspring Investment in a form of loan purportedly to be used by Namlas Development to complete renovations on the property.

In May 2002, the defendant represented to Cupspring Investment that Namlas Development had purchased the property.

Moore said the truth is after Namlas Development had received the money from Cupspring Investment, Semikian wrote numerous checks from a Namlas checking account at City Trust Bank in Saipan payable to cash, to himself, and to other persons.

At Semikian’s direction, those persons allegedly negotiated the checks and returned to him the cash proceeds from those transactions which he kept and used for his own personal benefit.

Moore said Semikian also represented to Brisadal Real Estate that he was aware of another property for sale and that it too could be purchased at an agreeable price.

Amal Development was established with Semikian as president, purportedly for the purpose of buying the second house.

In May 2002, Semikian obtained $125,000 from Brisadal Real Estate purportedly to be used by Amal Development to buy the second property.

But Moore said the truth is after Amal Development had received the money from Brisadal Real Estate, Semikian wrote numerous checks from an Amal Development checking account at City Trust Bank payable to cash to himself and to other persons.

At Semikian’s direction, those other persons allegedly negotiated the checks and returned to him the cash proceeds of those transactions, which he then kept and used for his own personal benefit.

Moore said Semikian fraudulently requested on numerous occasions that, as president of Namlas Development, he would provide to Cupspring Investment certain documents and loan repayments, among other things.

The defendant also allegedly made similar false representations to Brisadal Real Estate.

“Despite his many representations and promises to Cupspring and Brisadal to provide documents, information, and payments, defendant Semikian, never provided them either Cupspring or Brisadal,” the prosecutor said.

The wire transfer of $150,000 for Cupspring to the account of Namlas at the City Trust Bank was made on Jan. 3, 2002. The wire transfer of $100,000 from Cupsring to the account of Namlas at the City Trust Bank was done on March 11, 2002.

The wire transfer of $125,000 from Brisadal to the account of Amal at the same bank happened on May 7, 2002, according to court documents.