LOS ANGELES : Brothers to Face Charges in Real Estate Swindle
Two brothers who allegedly conned numerous Los Angeles inner-city residents in loan and real estate transactions were bound over for trial Wednesday on grand theft, securities fraud and other charges.
Timothy Barnett, 32, a Bible-quoting loan broker and investment adviser who promoted his business as “Christian owned and operated,” was held to answer to 23 felony counts.
Darryl Barnett, 34, was held to answer to four felony charges. Both are scheduled for arraignment May 17. Both are out on bail.
After a four-day preliminary hearing, Los Angeles Municipal Judge Elva Soper found probable cause to hold the Barnetts for trial on charges stemming from their dealings with 10 alleged victims--including people who prosecutors said were swindled out of their homes or cheated of the proceeds of loans.
Timothy Barnett had been the subject of dozens of fraud complaints to government agencies dating back to the mid-1980s when he was charged along with his brother last fall.
If convicted, Timothy Barnett could be sentenced to up to 10 years in prison. Darryl Barnett could get up to three years and eight months in prison, said Clifford L. Klein of the Los Angeles County district attorney’s office.
Timothy Barnett has said that he is a victim of a depressed real estate market. Albert De Blanc Jr., his attorney, declined comment Wednesday.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
