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Wednesday, January 18, 2012

Former Hells Angels President Sentenced to Jail for Pot-Growing Mortgage Scheme

Posted By on Wed, Jan 18, 2012 at 4:50 PM

click to enlarge hellsangel.jpg

Raymond Foakes, a former Hells Angel, was sentenced yesterday to 70 months in state prison for his role in a multimillion-dollar mortgage fraud scheme.

U.S. District Court Judge William Alsup also ordered Foakes, 48, to pay $1,085,000 in restitution. On Oct. 25, 2011, Foakes, the former president of the Sonoma Chapter of the Hells Angels, pleaded guilty to conspiracy to commit bank and wire fraud, wire fraud, and money laundering.

In a plea agreement, he confessed that from 2006 until early 2007, he was involved in a scheme to fraudulently get mortgage loans for property located all over Northern California.

Foakes submitted false statements on mortgage loan applications, as well as altered bank statements. In some instances, the applications falsely stated that he had been self-employed as owner of "Foakes Concrete" for about 10 years, where he made some $24,000 monthly -- and he had bank statements to show.

But rather than occupy the property as a residence, which he had stated on his applications he

intended to do, Foakes used it it to grow pot. He then laundered that money, federal prosecutors concluded.

Foakes was just one of several defendants indicted by a federal grand jury on Sept. 1, 2011, for the conspiracy. Judge Alsup also sentenced the defendant to a three-year period

of supervised release, during which time he will only be allowed to have limited contact with other members of the Hells

Angels Motorcycle Club.

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About The Author

Erin Sherbert

Erin Sherbert

Bio:
Erin Sherbert was the Online News Editor for SF Weekly from 2010 to 2015. She's a Texas native and has a closet full of cowboy boots to prove it.

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