Armenian Who Immigrated to US with $100 in his Pocket Cheated Clients Out of $800,000

A West Conshohocken business broker who immigrated to the US with $100 in his pocket 30 years ago to begin a brokerage business is headed to state prison for bilking clients out of more than $800,000 of their hard-earned cash, reports The Mercury.

Robert L. Krikorian, 57, was sentenced in Montgomery County Court on Thursday to 3–7 years in a state correctional facility, to be followed by 28 years’ probation, after he pleaded guilty to multiple charges of theft by failure to make required disposition of funds received in connection with fleecing 39 people out of a combined $870,500 between Jan. 2007 and Nov. 2010.

Judge Joseph A. Smyth ordered Krikorian to pay full restitution and prohibited him from working in the brokerage industry for the duration of the sentence.

“He took the American dream of each of these individuals and made it their American nightmare,” argued Assistant District Attorney John Walko, who sought prison time against Krikorian.

“It’s not just about the money that was stolen, it’s about the opportunities that were stolen.”

With the charges, prosecutors alleged Krikorian, who operated Krikorian Associates or Bala Business Services along Bala Avenue in Lower Merion, pocketed money given to him by clients for whom he was supposed to be brokering business ventures, including purchases of pizza shops and gas stations, which never came to fruition. Much like a Ponzi scheme, Krikorian treated the money as his own and used it for his personal and business expenses, Walko alleged.

Walko once characterized Krikorian as “the Bernie Madoff of business brokers in Montgomery County,” referring to Bernard Lawrence “Bernie” Madoff, the well-known New York stock broker and investment advisor imprisoned for 150 years for running a massive Ponzi scheme that defrauded thousands of investors.

To date, Krikorian has been unable to pay anything towards restitution. With a $640,000 mortgage on a home currently valued at $550,000 there is no equity in Krikorian’s home to be used towards restitution, testimony revealed.

Defense lawyer Gregory DiPippo said Krikorian, an Armenian immigrant who arrived in the US in the 1970s with $100 in his pocket, built a successful business and then fell on hard times. DiPippo claimed Krikorian was not living an extravagant lifestyle but used the money of others to pay everyday expenses.

“He is a good man who led a good life who made some very poor decisions,” said DiPippo, who argued for a county jail sentence for Krikorian. “He has been remorseful and contrite. He’s ashamed of his conduct. He wishes he could pay back every nickel.”

Krikorian faced the victims in court and begged for their forgiveness.

“Guys, I’m sorry. I came with $100 in my pocket with no intention other than to be a good citizen. I had no intention of not to give the money back,” said Krikorian, adding he successfully “guided and coached” hundreds of investors during the course of his career. “Sincerely, I have the agony to live with it.”