$10 Million Mortgage Fraud Indictment

row of handcuffed menA federal grand jury indicted eight people, including two leaders of the Hells Angels Motorcycle Club, on charges of a $10 million mortgage fraud conspiracy as well as money laundering and drug-related charges.  The 25-count indictment accuses two purposed Hells Angels leaders, Raymond Foakes and Josh Leo Johnson, of participating in a scheme to recruit straw buyers to obtain mortgage loans in exchange for money.

The indictment names father and son, Jacob Moynihan and Gerald Moynihan, as well as San Francisco CPA and tax preparer Jerry Mays of conspiring with others to obtain fraudulent mortgage loans and refinancing on property in San Francisco, Sonoma, Petaluma, Healdsburg and Santa Rosa.

 The allegedly bogus deals took place between 2006 and 2007.  The indictment also names Desiree Maclean, John Greco and Justin Batemon.

The alleged scheme used straw buyers by generating falsified bank statements, fictitious job histories and false income information, according to U.S. Attorney Melinda Haag.

In addition, members of the alleged conspiracy were charged with maintaining a drug house, and possession with intent to distribute drugs and money laundering.

Some of the loans were in excess of $1 million and properties with the loans were later subjects of foreclosure, according to Haag.

They appeared in court September 22 and are due back Nov. 8 before U.S. District Judge William Alsup.  Only Mays, 63, of San Pablo, Calif., remains at large.

Case:  U.S. v. Moynihan, No. CR11-624WHA

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s