FBI busts million dollar mortgage ring in San Diego


The FBI arrested 23 members of an alleged mortgage scam starting at 6 a.m. this morning in San Diego, according to an exclusive report on ABC News. This case is just one of 2,100 mortgage fraud cases that FBI is currently investigating.

Federal agents believe this scam involved loans on more than 200 houses, costing banks millions and devastating property vales in San Diego County. U.S. attorney Karen Hewitt named Darnell Bell, a former gang member from the San Diego area, as the leader of the alleged mortgage fraud enterprise. The U.S. attorney's office believes he oversaw the purchase of property. Before getting involved in mortgage fraud, Bell's career was selling drugs and he has served time on cocaine charges.

Originally published