Friday, January 20, 2012
Only in America: Ex- Hells Angels Leader Sentenced For $10 Million Mortgage Fraud
A former Hells Angels chapter leader was caught duping banks into giving him mortgage loans so he could buy land to grow marijuana, the Associated Press reported citing prosecutors.
Raymond Foakes (a.k.a. "Ray Ray"), the former president of the Sonoma County Hells Angels, pleaded guilty to charges of fraud, conspiracy and money laundering, the AP reported.
Ray Ray will now spend almost six years in prison for orchestrating a $10 million mortgage fraud scheme, the report said. He will also have to cough up $1 million in restitution.
Of course, this jeopardizes the motor cycle gang former leader's ability to particpate in the Sonoma chapters upcoming events such as 13th Annual St. Patty's Day Run….
Read more: http://www.businessinsider.com/hells-angels-ex-leader-sentenced-for-10-million-mortgage-fraud-scheme-2012-1#ixzz1k1SCcopG