Gang Allegedly Leads Mortage Fraud Scheme
April 8, 2009 by Allison Boyer
Filed under Business
Two dozen people (and counting) have been charged in a San Diego mortgage fraud scheme that was allegedly led by a street gang member. Prosecutors say that Darnell Bell, a confirmed member 
of Los Angeles’ Lincoln Park gang, conducted a wide-ranging fraudulent enterprise, in which he received at least $9 million.
Bell allegedly used his experience in the gang to recruit straw buyers for over 200 properties and maintain discipline across all the people involved in the scam. They used inflated appraisals to purchase homes that had been on the market for some time and paid extra money to a shell construction company that they claimed would upgrade or modify the homes. They forced foreclosures on many of the properties.
In addition to Bell, Stanley Gentry was indicted for allowing those involved to use his real estate licenses in exchange for $10,000 a month and commissions. Billie Bishop is also being accused as the escrow officer who facilitated more than 100 of the purchases.
Bell was already in custody for drug charges, and the others involved in the scheme were arrested on Tuesday. They’re expected to appear before a judge today.
Image via Flickr.
I’m glad they got caught. Thats what happens when greed sets in. Thank God my sister-in-law is no longer married to Stanley. I knew he was a crook.
Stanley has his Father & Sister rolling over in their grave. He should be shame of himself.