The two criminals Eduard Arakelyan, 21, and Arman Vardanyan, 23, who stole 94,000 debt and credit card numbers from 84 Michaels Stores Inc. locations have been sentenced to federal prison.
They were charged with conspiracy to commit bank fraud, bank fraud and aggravated identity theft. On March 20, 2012 both plead guilty to the scheme to steal customers card information by removing the personal identification number pads and replacing them with fraudulent ones which downloaded the customers’ card information which the criminals received and used fraudulently.
Around July 2011, they admitted they both used 952 blank Gold and Silver credit card-like cards that had been encoded with bank and personal identification stolen from Michaels Stores customers to withdraw as much money as possible from ATM’s in Northern California.
On July 24, 2012, Arakelyan and Vardanyan were each sentenced yesterday to serve:
•36 months in prison on bank fraud and conspiracy charges,
•24 months in prison for the identity theft charge (to be serve consecutively with the prior 36 months)
•5 years of supervised release after serving their prison time.
The two were also ordered to pay $42,043 in restitution.