3 Men Indicted in Investment Fraud

Three men have been indicted on charges ranging from mail fraud to conspiracy in connection with two businesses that attempted to dupe a number of Southern California investors out of their money, federal authorities said.

Raffi Arshak Donoyan, 39, and his son, Archie Raffi Donoyan, 19, both of Chatsworth, and Bruce Aaron Becker, 35, also known as Bruce Franklin, most recently of Las Vegas--were indicted June 4 on counts of mail fraud, conspiracy and transport of property obtained by fraud in connection with their clothing businesses, authorities said. Federal arrest warrants had been issued by a U.S. judge in Los Angeles on May 16, according to the FBI. The three were arrested later in the month.

According to the FBI, investigators began their probe after receiving complaints from Ventura County residents and other Southern Californians who were promised a 4% monthly return on investments in the clothing businesses, named Raluca’s Dream and Monkey Business. The suspects claimed that the businesses had lucrative connections with a European manufacturer and a number of domestic clothing retailers, authorities said.

In return for their money, investors received promissory notes and post-dated checks. However, when the time came to make payments, the suspects closed the businesses and disappeared, authorities said.

Investigators did not say how many people had been affected by the scam or how much money had allegedly been stolen, but they said the amount was substantial.

No trial date has been set.