Prosecutors showed there was no clinic, no patients who received medical services and no doctors providing the services.
Karapetyan was found guilty of 22 counts of health care fraud and six counts of money laundering.
The charges involve some 6,000 health insurance claims for more than 800 Medicare patients who were supposedly treated at his clinic, USA Independent Medical Corp.
The claims were filed using the names of four California licensed doctors, who never worked at the clinic and who had their identities stolen.
Prosecutors say before the Medicare fraud was discovered in 2004, Karapetyan has already received $566,000 in Medicare funds and had already transferred tens of thousands of dollars into bank accounts he controlled and to associates in Armenia through a Glendale-based money transfer service.
During the trial, Karapetyan testified Sadrek Asatryan, who is now-deceased was responsible for the business.
The government introduced evidence showing Karapetyan was actively involved in USA Independent.
Karapetyan faces up to 320 years in federal prison. He will be sentenced June 21.
Karapetyan came to the attention of authorities in the fall of 2004, when Medicare patients complained that they were getting notices for charges that Karapetyan's company billed to Medicare. Medicare opened a fraud investigation, conducted by the Federal Bureau of Investigation.
