Industry NewsMortgage

24 indicted in mortgage fraud ring

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Federal prosecutors have indicted 24 people allegedly involved in a San Diego-based mortgage fraud scheme involving 220 properties and more than $100 million in mortgage loans.The indictment charges that the leader of the mortgage fraud ring, alleged gang member Darnell Bell, reaped at least $9 million in proceeds. Among the indicted are a real estate broker, Stanley Gentry, who prosecutors said allowed the fraud ring to use his broker's license in exchange for $10,000-a-month payments and a percentage of the real estate commissions and broker's fees generated by the fraudulent sales.Gentry first obtained a real estate license in 1989, according to California Department of Real Estate records. His regular real estate license was revoked in 1998 though he was allowed a probationary license with restrictions. A petitition to lift the restrictions and reinstate his broker's license was granted in 2000. Also indicted was Billie Bishop, an escrow officer accused of facilitating purchases of...