in News > Residential Mortgage
print the content item


Raymond Foakes, former president of the Hells Angels Chapter 48 in Sonoma, Calif., was sentenced to 70 months in prison and ordered to pay $1,085,000 in restitution for his role in a multimillion-dollar mortgage fraud scheme.

According to the Federal Bureau of Investigation, Foakes pleaded guilty on Oct. 25, 2011, to wire fraud, money laundering and conspiracy to commit bank and wire fraud. According to the plea agreement, Foakes admitted that from 2006 until early 2007, he was involved in a scheme to fraudulently obtain mortgage loans for parcels of property located in Northern California, including for a property located in Santa Rosa, Calif.

As part of this conspiracy, Foakes submitted a series of false statements on mortgage loan applications and altered bank statements. Rather than occupy the property as a primary residence, as he stated on his applications, he allowed it to be used as a marijuana grow house.

The sentence was handed down by U.S. District Court Judge William Alsup. Judge Alsup also sentenced the defendant to a three-year period of supervised release, during which time he will face an expanded search condition and his ability to associate with other members of the Hells Angels Motorcycle Club will be limited. The defendant will begin serving the sentence immediately, having been in continuous federal custody since his arrest.

(Photo courtesy of the Federal Bureau of Investigation)


Six important questions you need to ask about your compliance process. Click to download the buyers guide._id1144


Latest Top Stories

Greenwich Estate Sells For Record $120 Million

Copper Beech Farm, a 51-acre property and mansion located on the waterfront in Greenwich, Conn., hit the market last spring with an asking price of $190 million.


AMCs Generally Receptive To Proposed 'Minimum Requirements' Rule

The rule would require all AMCs that operate in states that have supervisory programs to register in those states and to allow those states to have authority over their licensing.


Major Metros Showing 'Early Signs' Of A Housing Bubble

Among the 35 largest metros nationwide, more than half of homes currently listed for sale are considered unaffordable by historical standards, according to a recent report from Zillow.


Waters Introduces Yet Another Housing Finance Reform Bill

But unlike the other three bills now before Congress, Waters' proposal calls for replacing Fannie and Freddie with a cooperative of lenders that would be the sole issuer of mortgage-backed securities guaranteed by the government.


OIG: Property Preservation Companies Need Better Controls

A recent OIG audit revealed that there are numerous problems plaguing the property preservation business, not the least of which is the submission of false or erroneous property inspection reports on the part of sub-contractors.

LenderLive_id1164
Hse SandyHook
Orb Mobile
Play for Pink
FedHomeLoan_id1130
Superior Home_id1078
SWBC_id1156