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Galvin Accuses Man Of Ripping Off Armenian-American Investors.

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  • Galvin Accuses Man Of Ripping Off Armenian-American Investors.

    GALVIN ACCUSES MAN OF RIPPING OFF ARMENIAN-AMERICAN INVESTORS.

    The Patriot Ledger
    http://www.patriotledger.com/business/x1510863720/Galvin-accuses-man-of-ripping-off-Armenian-American-investors
    Aug 1, 2011

    BOSTON - Secretary of State William Galvin has filed a complaint
    against a West Boylston man, alleging that he defrauded three investors
    of nearly $800,000 by selling them stakes in real estate ventures in
    Leicester and Sutton and then using their money to pay for trips to
    the Foxwoods casino in Connecticut and the French Riviera.

    Galvin said Edward Kooyomjian Sr. targeted investors who had ties
    with the Armenian-American community in central Massachusetts in an
    apparent case of affinity fraud. Galvin also accuses Kooyomjian of
    selling unregistered securities and acting as an unregistered agent.

    "Not only did these investors lose their money on what they thought
    to be an investment, but they were betrayed by someone they had every
    reason to trust," Galvin said.

    Worcester Probate Court has has ruled that Kooyomjian used investors'
    money for gambling, and ordered him to repay $381,200, but he is
    presently in default on that judgment. He had been sued by the daughter
    of a widow whose husband had been a close friend of Kooyomjian's.

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