Raymond Foakes, 48, of Rohnert Park, California, was sentenced yesterday to 70 months in prison and ordered to pay $1,085,000 in restitution for his role in a multi-million-dollar mortgage fraud scheme, United States Attorney MELINDA HAAG announced.
The defendant, the former president of the Hells Angels Sonoma Chapter, pleaded guilty on October 25, 2011, to conspiracy to commit bank and wire fraud, wire fraud, and money laundering. 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 real property located in Northern California, including for a property located at Laguna Road in Santa Rosa, California. As part of this conspiracy, Foakes submitted a series of false statements on mortgage loan applications and altered bank statements. For example, the applications falsely stated that he had been self-employed as owner of “Foakes Concrete” for approximately 10 years, where he made approximately $24,000 per month, and the bank statements reflected inflated account balances and recurring deposits. Rather than occupy the property as a primary residence, as he stated on his applications he intended to do, he allowed it to be used as a marijuana grow house. Further, Foakes laundered the criminally derived proceeds by engaging in financial transactions over $10,000.
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