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Two Dozen Charged with Operating Largest Real Estate Scam in Local History

The U.S. attorney's office today (April 7) unsealed an indictment charging 24 individuals with running a mortgage fraud scheme involving 220 properties that collectively sold for $100 million. One of the lead defendants, Darnell Bell of Chula Vista, is currently in federal custody on a charge of cocaine distribution. According to the U.S. attorney's office, the defendants would find phony "straw" buyers for deeply discounted properties on the market. They would make offers on the properties based on inflated appraisals. Then they would prepare false loans applications for the straw buyers. The defendants fallaciously told lenders that the amount of money exceeding the asking price would go to pay for handicapped accessing. But the money didn't go there; it became a kickback to a member of the conspiracy, charges the government. The straw buyers failed to make payments and the properties were foreclosed upon, inflicting financial damage on the lenders.

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The U.S. attorney's office today (April 7) unsealed an indictment charging 24 individuals with running a mortgage fraud scheme involving 220 properties that collectively sold for $100 million. One of the lead defendants, Darnell Bell of Chula Vista, is currently in federal custody on a charge of cocaine distribution. According to the U.S. attorney's office, the defendants would find phony "straw" buyers for deeply discounted properties on the market. They would make offers on the properties based on inflated appraisals. Then they would prepare false loans applications for the straw buyers. The defendants fallaciously told lenders that the amount of money exceeding the asking price would go to pay for handicapped accessing. But the money didn't go there; it became a kickback to a member of the conspiracy, charges the government. The straw buyers failed to make payments and the properties were foreclosed upon, inflicting financial damage on the lenders.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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