Crime & Safety

Imprisoned 'Montco Madoff' Robert Krikorian Pleads Guilty to a 40th Fraud

He now owes former clients more than $880,000 in restitution.

Robert Krikorian, the Bala Cynwyd businessman in June to 3 to 7 years in prison after to bilking 39 clients, pleaded guilty Thursday to defrauding a 40th client of $10,000, said John Walko, the Montgomery County assistant district attorney who prosecuted his case and once dubbed him the "Bernie Madoff of Montgomery County".

Krikorian entered the plea by video feed from prison. He will not get any additional jail time, but he will be required to pay back the $10,000, Walko said.

Krikorian, 57, already owes about $870,500 to the other 39 clients, all entrepreneurs who came to Krikorian Associates for help getting started in small businesses. Instead, they lost their deposits.

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Walko could not say when and to what degree it is reasonable to expect Krikorian will be able to make restitution.

"We're going through the process of trying to sell his BMW," Walko said. "We're hoping to get $8,000."

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Court records showed Krikorian's victims have been mostly from all over the northeast United States. The Main Line Times reported a complaint from a Worcester Township, Montgomery County resident prompted the charge to which Krikorian pleaded guilty Thursday.


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