Fishers businessman convicted on fraud charges

(File Photo)

INDIANAPOLIS (WISH) – A Fishers businessman was convicted of 10 counts of wire fraud on Thursday following a three-day jury trial.

Hrong Arman Gasparian, 67, of Fishers, was convicted after he claimed he was a loan broker who could secure funding for businesses and non-profits.

According to the U.S. Attorney’s Office, Gasparian told members at Bell’s Chapel Church in Indianapolis that he could secure them a $3 million grant but would need $365,000 for earnest money and a $35,000 non-refundable fee for Gasparian to broker the deal. He told Bell’s Chapel he would put the money in an escrow account, and the refundable portion would be returned upon securing the grant. Gasparian instead spent the $400,000, never securing the grant to Bell’s Chapel and never refunding the earnest money.

Officials said Gasparian also told two Indianapolis-area businessmen he could secure several million dollars in financing for them for a construction project, but needed $200,000 in earnest money and $25,000 for his brokering fee. The businessmen never received a loan and Gasparian never gave them the refundable earnest money.

This case is the result of a collaborative effort by the FBI and the U.S. Attorney’s Office. Investigators with the FBI provided key information in securing Gasparian’s conviction.

“I am proud to say this was a true team effort,” Joseph H. Hogsett said. “Together with the Federal Bureau of Investigation (FBI) and our federal and local law enforcement partners, we worked to prosecute and hold accountable an individual who preyed upon his fellow Hoosiers.”

According to Assistant U.S. Attorney Winfield D. Ong, who prosecuted the case for the government, Gasparian’s sentence could be up to 20 years in federal prison with fines of up to $250,000 for each of the 10 counts of his conviction. He may also be sentenced to serve multiple years of supervised release.

Officials said Gasparian will be sentenced in the next three months. Until his sentencing, Gasparian is under a court order that restricts him from engaging in financial transactions. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

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