California Real Estate Fraud Report

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29
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.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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