SAN DIEGO (CN) - A Chula Vista man already in prison for cocaine dealing pleaded guilty to defrauding mortgage lenders of more than $20 million. Darnell Bell, 39, admitted he led the racketeering ring and committed wire fraud, bank fraud and money laundering.
Bell admitted his ring used inflated appraisals, straw buyers, and false loan applications, took cash kickbacks on its more than 100 crooked deals, after which the straw buyers failed to make mortgage payments, and the properties were foreclosed upon.
A sentencing hearing is set for June 7 in Federal Court.
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