Street gang Real Estate Mogul - Mercedes-Benz Forum

 
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post #1 of 10 (permalink) Old 04-07-2009, 06:10 PM Thread Starter
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Street gang Real Estate Mogul

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Two dozen people have been charged with racketeering in a fraudulent mortgage scheme allegedly run by a street gang member, according to an indictment unsealed in San Diego federal court today.

The group allegedly profited from loans arranged for amounts in excess of the price of the housing, among other tactics. The homes quickly went into foreclosure, according to the indictment.

The alleged mastermind was Darnell Bell, 38, a member of the Lincoln Park street gang long known to law enforcement for violence and drug sales. Bell, already serving a jail sentence for distribution of cocaine, was arraigned in federal court today on a racketeering indictment.

From 2005 to 2008, the scheme involved the sale of 220 homes and mortgages worth more than $100 million issued by 70 lenders, U.S. Atty. Karen Hewitt said at a news conference.

Keith Slotter, FBI special agent in charge of the San Diego office, said the case showed that street-gang members had gone "from dealing dope on the street ... to delving into this much more sophisticated crime."

More than $9 million from "illegal activities" was deposited into a bank account controlled by Bell, the indictment said. The 24 defendants face charges including conspiracy, bank and wire fraud, and money laundering.

Bell used his status as a gang member to recruit phony buyers and to "maintain discipline" among the co-conspirators, the indictment said. FBI and IRS agents today arrested Bell's 23 co-conspirators, Hewitt said.

The 24 are charged with racketeering, which could lead to much tougher sentences than other real estate fraud cases. "That's never been done before in a real estate fraud case," Slotter said.

The homes were mostly in the cities of Spring Valley and La Mesa and the San Diego neighborhood of Encanto. According to the indictment, Bell and others would look for properties that had been on the market for months.

Among the co-defendants are people in the real estate, title insurance, appraisal and notary public businesses. FBI agents became concerned when scanning "suspicious activity" reports filed by lenders.

One tipoff, Hewitt said, was that all the loan documents showed that additional funds were necessary to make the homes accessible to the disabled. The work, she said, was to be done by Bell Construction, which proved to be a dummy company created by Bell.

-- Tony Perry
Twenty-four indicted in San Diego in real estate fraud [UPDATED] | L.A. Now | Los Angeles Times
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post #2 of 10 (permalink) Old 04-07-2009, 06:25 PM
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Yet another example of Obama stifling small business and the free market economy. Will they never learn?

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post #3 of 10 (permalink) Old 04-07-2009, 06:39 PM
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I read that Geithner had declared a War on Mortgage relief scams, or something like that. Imagine that.

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post #4 of 10 (permalink) Old 04-07-2009, 06:48 PM
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Not a dummy company but a criminal company aimed at dummies. Rings any Bell?
Hope they get 25 to life so they cannot be paroled until next May.

McBear, mixing the Administration business stifling with this matter will not make either fact go away. Free enterprise has nothing to do with criminal activities. We do not condone these punks, we do not condone Madoff, we do not condone Geithner (or any Civil Servant) tax cheating, we do not condone the General's incompetence. We just want equal opportunity for all, and any supervision by the government without their hand in our individual business.


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post #5 of 10 (permalink) Old 04-07-2009, 06:57 PM Thread Starter
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You know,
how can any gang member join the mainstream society if he/she is not allowed to engage in the same activities commonly used in the industry ?
Where is the fairness in this all ?
Where are the outcries of racial and social discrimination from the lefties ?
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post #6 of 10 (permalink) Old 04-07-2009, 07:00 PM Thread Starter
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760 KFMB, San Diego Talk Radio-Two Dozen Indicted In Extensive San Diego-Based Mortgage Fraud Scheme
The indictment alleges that between January 2005 and April 2008, the defendants used multiple real estate businesses, including the Ivy House Inc., the Real Estate Center of Southern California and the Real Estate Center of La Mesa, to facilitate the fraudulent purchase of real estate.

The indictment identifies several real estate professionals as alleged members of the conspiracy, including Diana Jaime, a public notary, Jorge Cortez, a licensed real estate agent, Esteban Valenzuela, a licensed real estate appraiser, Anton Ewing, a Certified Public Accountant, and registered tax preparers Randolph Hirsch and Dennis Tapia.

"The individuals charged in this indictment have one thing in common: greed," said FBI Special Agent in Charge Keith Slotter.

"They represent precisely those who have undermined our country's financial system by perpetuating such egregious schemes," he said. "The extent to which this group of people went to defraud lenders should also serve as a warning to the public. We urge people to come forward with information of suspicious activities they may encounter when engaged in real estate and
mortgage transactions."
Talk about a pot calling a kettle black (no pun intended).

Yes, Bear, the current financial policies do tie in.
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post #7 of 10 (permalink) Old 04-07-2009, 07:27 PM
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I read that Geithner had declared a War on Mortgage relief scams, or something like that. Imagine that.
That needed done. I have been seeing advertisements on TV that certainly look on the very edge. I can only imagine what is occurring in high density foreclosure areas.

I am not sure what folks are going to do in a era with regulations.

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post #8 of 10 (permalink) Old 04-07-2009, 07:41 PM
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Not arguing that it needs eradicating. Just the whole "war on" rhetoric that allegedly wasn't going to be used.

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post #9 of 10 (permalink) Old 04-07-2009, 08:06 PM
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Talk about a pot calling a kettle black (no pun intended).

Yes, Bear, the current financial policies do tie in.
I believe you are thinking of previous financial policies. Current ones are in too much flux to compare to anything.

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post #10 of 10 (permalink) Old 04-07-2009, 08:13 PM
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Not arguing that it needs eradicating. Just the whole "war on" rhetoric that allegedly wasn't going to be used.
Since this is a street gang, maybe they could go back to the whole Jets/Sharks thing and call it a rumble.

We need Geithner. AG Eric Holder and Obama on this.


We're gonna rock it tonight!
They're gonna get it tonight,
They began it,
They began it,
The began it.
We'll stop 'em once and for all.
The Sharks are gonna have their way,
The Sharks are gonna have their day,
We're gonna rock it tonight.
Tonight!


We're gonna jazz it tonight!
Tonight!
They began it,
And we're the ones to stop 'em once and for all!
The Jets are gonna have their way,
The Jets are gonna have their day.
We're gonna rock it tonight.
Tonight!




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