Jul
Indictment for a Creative Real Estate Fraud in Modesto
Tony Huy Havens, of Modesto has been indicted by a federal grand jury on Thursday returned a two-count indictment for conspiring to commit mail fraud and mail fraud in a mortgage fraud scheme.
Havens, 37, has already been convicted in 2009 of mortgage-fraud related crimes and is serving a five year sentence in Wasco State Prison. Last month, he was indicted with 30 real estate fraud-related crimes. There are at least four articles detailing his escapades on the California Real Estate Fraud Report.
In the current indictment, Tony Havens is alleged to have devised a “Gift Program” that consisted of him bringing buyers and sellers together who would set the price for a property. They would further agree to “sell” the property for $100,000 or more above that price, after which the purchaser would obtain a loan for the higher amount. The amount in excess would be returned to the buyer, who would use some of it as a down-payment on the property.
How this scheme, which occurred with eight homes in Stanislaus and San Jaoquin Counties, passed muster with appraisers (possible appraisal fraud) and underwriters, remains a mystery. The indictment is the result of a joint investigation between the Stanislaus County District Attorney’s Office and the FBI.
Read the original articles in the Central Valley Business Times and the Modesto Bee.
