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Hells Angels Members Charged With Bay Area Mortgage Fraud

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(CBS)

(CBS)

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SAN FRANCISCO (CBS / AP) — Members of the Hells Angels motorcycle gang and several others have been charged with operating a multi-million dollar mortgage fraud and allegedly using part of the proceeds to buy so-called marijuana grow houses.

A federal grand jury indictment unsealed Tuesday charged gang leaders Raymond Foakes and Josh Leo Johnston and six others with participating in a fraud ring that purchased and refinanced several expensive properties worth a combined $10 million in San Francisco and Sonoma counties between 2005 and 2007.

Jacob Moynihan, a loan officer with several companies during that time, is alleged to have submitted false income documents, employment histories and bank statements on behalf of Hells Angels’ members and others to secure mortgages.

All but one of the defendants has entered a plea of not guilty.
(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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