The Foundation
Confirmed - IRS Records Confirmed - California Registry
My Step Foundation is a US-registered 501(c)(3) nonprofit, EIN 83-3770334, incorporated in California. Its stated mission is charitable and educational work benefiting Armenia. It is the American financial arm of Anna Hakobyan's philanthropic brand -- the wife of Prime Minister Nikol Pashinyan, whose political movement was literally called "My Step."
Between 2019 and 2020, the foundation raised $6.47 million. By the end of 2024, its bank account held $36,666. That is a 99.4% depletion rate. And the public record of where that money went is remarkably thin.
The Home Address: A Minister's Sister in North Hollywood
Confirmed - California Filing Confirmed - Property Records
When My Step Foundation was first registered with the state of California, its official address was:
8241 Babcock Ave, North Hollywood, CA 91605
This is not an office. It is a private residential home. The home belongs to Araksi Simidyan -- the sister of Hakob Simidyan, who serves as Armenia's Minister of Environment.
A foundation created by the Prime Minister's wife, registered at the home of a sitting cabinet minister's sister. The personal and political networks are inseparable from the foundation's infrastructure from day one.
After Armenian investigative outlet Hetq published this address, something unusual happened: Google Street View imagery of 8241 Babcock Ave was blocked. The home became blurred -- not the standard face/license plate blur that Google applies automatically, but a targeted obscuring of the property. Someone requested that Google hide the view of a foundation's registered address after journalists drew attention to it.
The Virtual Office: Wells Fargo Center Mail Drop
Confirmed - California Filing Confirmed - Property Records
After the Hetq exposure, the foundation changed its address to:
355 South Grand Ave, Suite 2450, Los Angeles, CA 90071
This sounds prestigious -- Wells Fargo Center, a major downtown Los Angeles office tower. But Suite 2450 is a virtual office. It is a mail-receiving service. You pay a monthly fee, they give you a mailing address at a respectable building, and someone collects your mail. No staff works there. No programs are run from there. It is a facade address.
The foundation moved from a minister's sister's private home to a virtual mailbox. At no point did it operate from a real office.
The Officers: Government Employees and a Minister's Sister
Confirmed - IRS Form 990 Confirmed - Employment Records
| Name | Role | Day Job | Significance |
|---|---|---|---|
| Araksi Simidyan | Treasurer / CFO | -- | Sister of Environment Minister Hakob Simidyan. Home used as foundation address. |
| Peter Hosharian | Chairman | -- | Board chairman overseeing $6.47M in fundraising. |
| Mariam Cemedyan | CEO | JPMorgan Chase employee | Runs a $6.47M charity while employed full-time at America's largest bank. |
| Aneta Badalian | Director | City of Glendale employee | Municipal government employee serving as foundation director. |
The pattern is clear. The foundation's leadership consists of people with full-time jobs elsewhere. The Treasurer/CFO is the sister of a sitting Armenian government minister. The CEO works at JPMorgan Chase. A director works for the City of Glendale. This is not a professional nonprofit operation. It is a volunteer network of connected individuals managing millions of dollars on the side.
The Financial Collapse
Confirmed - IRS Form 990 Filings
| Year | Revenue | Expenses | Net Assets (Year-End) | Notes |
|---|---|---|---|---|
| 2019 | $4,170,000 | -- | -- | Launch year. Peak fundraising. |
| 2020 | $2,300,000 | -- | -- | Second year. Still significant. |
| 2021 | Decline | -- | -- | Post-war collapse in donations. |
| 2022 | Minimal | -- | -- | Continued decline. |
| 2023 | ~$16,000 | -- | -- | Near-zero fundraising. |
| 2024 | ~$16,000 | -- | $36,666 | 99.4% of all funds gone. |
The trajectory tells a story. In 2019, when Pashinyan's "revolution" still had international goodwill and diaspora enthusiasm, money poured in -- $4.17 million. By 2020, it was $2.3 million. Then the 2020 Artsakh war happened, Pashinyan's popularity collapsed, and the money dried up. By 2023-2024, the foundation was raising roughly $16,000 per year -- less than many local GoFundMe campaigns.
But the real question is not why donations stopped. The real question is where $6.43 million went between 2019 and 2024.
The Total: $6.47 Million In, $36,666 Left
Pattern Analysis
| Category | Amount | Status |
|---|---|---|
| Total Raised (2019-2020) | $6,470,000 | Confirmed |
| Remaining (End 2024) | $36,666 | Confirmed |
| Total Spent/Depleted | $6,433,334 | Where? |
| Detailed Public Accounting | -- | Not Available |
A US-registered charity raised $6.47 million. It spent or transferred $6.43 million. The public accounting of where that money went -- the detailed program-by-program, expense-by-expense breakdown that donors and the public deserve -- is not readily available. For a foundation bearing the name of the Prime Minister's political movement, operated by people connected to his government, this opacity is not accidental.
"Education Is Fashionable" -- Classified Spending
Confirmed - Armenian Government Records
Anna Hakobyan's signature program was "Education Is Fashionable" (Krtut'yuny norbanelik e) -- an initiative to renovate schools and promote education in Armenia. The program was presented as pure philanthropy.
But there is a problem. Parts of the "Education Is Fashionable" program were funded through Armenian state procurement contracts that were classified as state secrets. Educational renovation -- declared a state secret. School supplies and construction -- hidden behind national security classification.
There is no legitimate reason to classify educational spending as a state secret. Classification of procurement is typically reserved for military equipment, intelligence operations, or matters of genuine national security. Classifying school renovation spending serves exactly one purpose: preventing the public from seeing who received the money and how much they were paid.
The Prime Minister's wife's charitable program, funded partly through the My Step Foundation and partly through state funds, used the machinery of state secrecy to hide its financial details from public scrutiny.
The Ghost Domain: Zero Armenian Web Presence
Confirmed - WHOIS/DNS Records
For a foundation that claims to serve Armenia, My Step Foundation has a remarkable absence in Armenian digital space.
| Domain | Status | Significance |
|---|---|---|
mystep.am | Not Registered | The obvious .am domain -- unregistered. |
imqayl.am | Not Registered | "Im Qayl" (My Step in Armenian) -- unregistered. |
mystepfoundation.am | Not Registered | Full name variant -- unregistered. |
| Any .am domain | None Found | Zero Armenian internet presence. |
A foundation raising millions for Armenia has no Armenian website. No .am domain. No Armenian-language web presence. It exists entirely within the US nonprofit system -- registered in California, addressed in Los Angeles, with officers who work at American companies. The country it claims to serve cannot find it online.
For comparison, virtually every legitimate international charity operating in a target country registers a local domain, builds a local-language website, and maintains a digital presence where beneficiaries can verify its work. My Step Foundation did none of these things.
The Separation and the Probe
Confirmed - Public Statements
In February 2026, Anna Hakobyan and Nikol Pashinyan separated. Shortly thereafter, anti-corruption authorities opened an investigation. Hakobyan herself stated publicly that she "could not rule out criminal prosecution."
As of this investigation's publication, Anna Hakobyan is in Beijing, China. This is notable for one specific reason: China has no extradition treaty with Armenia. A person facing potential criminal charges in Armenia who relocates to China cannot be compelled to return through normal legal channels.
The timing -- separation from the Prime Minister, anti-corruption probe, public acknowledgment of potential prosecution, relocation to a non-extradition country -- creates a sequence that speaks for itself.
The Network Map
Pattern Analysis
| Person | Connection to Foundation | Connection to Government |
|---|---|---|
| Anna Hakobyan | Founder / Public face | PM's wife (separated Feb 2026) |
| Araksi Simidyan | Treasurer/CFO; home = first registered address | Sister of Environment Minister Hakob Simidyan |
| Hakob Simidyan | Sister runs the foundation's finances | Minister of Environment |
| Mariam Cemedyan | CEO | JPMorgan Chase employee (US financial system) |
| Aneta Badalian | Director | City of Glendale employee (US government) |
| Peter Hosharian | Chairman | Board oversight of $6.47M |
What We Know vs. What We Don't
| What We Know | What We Don't Know |
|---|---|
| $6.47M raised in 2019-2020 | Detailed breakdown of all expenditures |
| $36,666 remaining in 2024 | Where exactly $6.43M went |
| Registered at minister's sister's home | Why a private home was used |
| Moved to virtual mailbox after exposure | Why no real office was ever established |
| Google Street View blocked after Hetq report | Who requested the blocking |
| "Education Is Fashionable" used classified procurement | What was hidden behind the classification |
| Zero Armenian domains registered | Why a foundation "for Armenia" has no Armenian presence |
| Anna Hakobyan in Beijing (no extradition) | Whether she intends to return |
| Anti-corruption probe opened | Scope and targets of the investigation |
Timeline
| Date | Event |
|---|---|
| 2018 | Pashinyan's "My Step" revolution. Anna Hakobyan becomes de facto First Lady. |
| 2019 | My Step Foundation registered in California. EIN 83-3770334. Address: 8241 Babcock Ave, North Hollywood (Araksi Simidyan's home). |
| 2019 | $4.17M raised. Peak year. Diaspora enthusiasm at its height. |
| 2020 | $2.30M raised. Still significant. Total: $6.47M over two years. |
| 2020 | 44-day Artsakh War. Armenia loses territories. Pashinyan's popularity collapses. |
| 2021-2022 | Donations decline sharply. Foundation activity diminishes. |
| 2023-2024 | Revenue drops to ~$16K/year. Foundation nearly dormant. |
| ~2023 | Hetq exposes Babcock Ave address. Google Street View subsequently blocked. |
| ~2023-2024 | Foundation address changed to 355 S Grand Ave, Suite 2450, LA -- Wells Fargo Center virtual office. |
| End 2024 | Net assets: $36,666. Of $6.47M raised, 99.4% is gone. |
| Feb 2026 | Anna Hakobyan and Pashinyan separate. |
| Feb-Mar 2026 | Anti-corruption probe opened. Hakobyan states she "could not rule out criminal prosecution." |
| Mar 2026 | Hakobyan in Beijing, China. No extradition treaty with Armenia. |
The Question
A US charity bearing the name of the Prime Minister's political movement raised $6.47 million from the Armenian diaspora. It was run by a cabinet minister's sister from her home. When journalists found the address, someone had Google hide it. The charity moved to a virtual mailbox. Its flagship program used classified state procurement to hide spending. By 2024, $36,666 remained.
The founder separated from the Prime Minister and relocated to a country with no extradition treaty. She publicly acknowledged the possibility of criminal prosecution.
And the foundation has no website, no domain, and no digital presence in Armenia -- the country whose people donated and whose children it claimed to educate.
When $6.47 million raised in the name of a nation leaves $36,666 behind, no public accounting, and the founder in a non-extradition country -- that is not philanthropy. That is a question that demands an answer.
Methodology
This investigation is based on IRS Form 990 filings, California Secretary of State records, WHOIS and DNS lookups, Armenian government procurement records, property records, Google Street View historical imagery, public statements by involved parties, and open-source intelligence. No systems were accessed, penetrated, or tested. OWL does not encourage unauthorized access to any system.