SIMI VALLEY, Calif. - The former owner of County Line Cycles pleaded guilty Thursday to 49 felony counts alleging he bilked more than 40 customers and investors of more than $1 million.
Armon Castillo Gevorkian, 45, was accused of pocketing money he took from people to invest in motorcycle engines to be resold for profit and money customers paid for motorcycles he never delivered or upgrades he never performed.
In some cases, people paid to have their motorcycles sold on consignment, but Gevorkian told them the motorcycles had been stolen or the vehicle title didn’t clear, prosecutor Mickeye Coyle said.
Before Gevorkian’s guilty plea Wednesday, Coyle said he told investor victims that he could buy engines and “quickly flip” them in Europe, Japan or China. She said Gevorkian told people he could get good deals on motorcycles at auctions, showing them photographs of the motorcycles.
Most of the counts were grand theft, but Gevorkian also pleaded guilty to insurance fraud and four counts of elder abuse, according to the Ventura County Star.
Gevorkian could face more than 15 years in prison when he is sentenced April 17, but he has a way out: Coyle said she is more interested in makng victims whole than a long prison term, and will reduce his sentence by a year for every $100,000 in restitution he can pay before he is sentence. A hearing on that is scheduled for Feb. 27.
Posted by Holly Wagner