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Trial of trader accused of defrauding 2 firms begins
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Posted on Nov 20 2006
The federal trial of a businessman charged with defrauding two real estate companies in Switzerland began yesterday.
Khajadour J. Semikian is accused of defrauding Cupspring Investment Co. and Brisadal Real Estate Co. of $375,000 by engaging in a scheme purportedly to buy house in Saipan for the two firms.
U. District Court for the NMI Chief Judge Alex R. Munson started jury selection in the morning. After a panel of jurors was impaneled, the opening arguments by the prosecution and the defense followed.
Assistant U.S. attorney Timothy Moran presented two witnesses yesterday afternoon.
The trial will continue today.
Attorneys Stephanie Flores and Vicken Hagopian are defending the 53-year-old Semikian.
Semikian was indicted with three counts of wire fraud. The Federal Bureau of Investigation arrested him in May in California.
Semikian allegedly obtained $250,000 from Cupspring and $125,000 from Brisadal.
According to the indictment, Semikian was president of Retsa Development Inc., a real estate development company on Saipan. The defendant was also president of three companies on Saipan called Namlas Development Corp., Amal Development Inc., and Anwar Development Inc. Each was formed for the purpose of buying, holding, and investing in real estate in the CNMI.
Cupspring Investment was the shareholder in Namlas Development, while Brisadal Real Estate was the sole shareholder of Amal Development.
The prosecution stated that from January 2002 until July 2005, Semikian carried out the scheme to defraud and to obtain money from Cupspring and Brisadal “by means of false and fraudulent pretenses, representations, and promises.”
