California Real Estate Fraud Report

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11
Mar

Gang member pleads guilty in San Diego mortgage fraud

In a plot that has been repeated many times in the California Real Estate Fraud Report, a gang member pled guilty in federal court to operating a mortgage fraud ring that included at least 24 people. It entailed straw buyers, phony appraisals, fraudulent applications for mortgages and falsified escrow documents as well as the services of a real estate broker, Stanley Gentry, who allegedly sold access to the MLS for $10,000 / month. Estimates of the losses for the over 100 properties in San Diego County range between $20 million and $50 million.

Darnell Bell pled guilty to participating in a racketeering conspiracy involving bank fraud, money laundering and other crimes, for which he faces up to 20 years in prison. His co-conspirator, Michael Ivy, owned the Real Estate Center in La Mesa. Ivy pled guilty earlier to conspiracy and is awaiting his sentence.

Read the full story in the San Diego Union Tribune.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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