LOS ANGELES (CNS) — A Studio City man has pleaded guilty to six felony counts stemming from his operation of a computerized odometer rollback scheme for vehicles leased from dealerships in the San Fernando Valley and Glendale.
Serge Oganesian, 45, is expected to be sentenced on April 21 to 16 months in jail and ordered to pay a $15,000 fine under the terms of a plea deal negotiated with prosecutors, according to the District Attorney’s Office.
He admitted one count of conspiracy to commit grand theft and five counts of computer access and fraud.
Oganesian hacked the computers of a dozen vehicles to roll back odometer readings for people who were leasing the automobiles from local dealerships, according to Deputy District Attorney Leonard Torrealba.
Vehicle valuation is highly dependent on vehicle mileage and the altered mileage cost the businesses’ financial services companies more than $76,000 in losses, the prosecutor said.
Oganesian had been engaged in odometer rollbacks since April 2015 in North Hollywood, Glendale and Studio City at various times, according to the District Attorney's Office.
The defendant was arrested last October and charged with 27 felony counts. He spent 19 days in jail before being released on his own recognizance.