SAN FRANCISCO (CBS SF) — A former president of the Sonoma County Hells Angels Motorcycle Club has been sentenced in federal court in San Francisco to five years and 10 months in prison for his role in a $10 million mortgage fraud scheme.

Raymond Foakes, 48, of Rohnert Park, was sentenced on Monday by U.S. District Judge William Alsup. The judge also ordered him to pay $1,085,000 in restitution.

Foakes pleaded guilty in October to conspiracy to commit bank and wire fraud, wire fraud and two counts of money laundering.

He was one of eight people indicted by a federal grand jury in September on charges of participating in a scheme to obtain more than $10 million in fraudulent mortgage loans and refinancing loans in 2006 and 2007.

The other defendants included several other motorcycle club officers and members, a loan officer and a tax preparer.

Foakes was the first to plead guilty and the first to be sentenced. Two others have pleaded guilty and are awaiting sentencing and the others are awaiting trial.

U.S. Attorney Melinda Haag said that in his plea agreement, Foakes admitted to submitting a series of false statements and altered bank statements on loan applications.

Haag said Foakes admitted that instead of using a property on Laguna Road in Santa Rosa as his primary residence, as stated on a loan application, he allowed it to be used as a site for growing marijuana.

In exchange for his guilty plea, prosecutors dropped an additional count in which Foakes was accused of operating premises used for growing or storing marijuana.

(Copyright 2012 by CBS San Francisco and Bay City News Service. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  1. mike says:

    No go after the Banks who have done the same !!

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