California Real Estate Fraud Report

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02
Jan

Modesto Man on Bail Accused of Appraisal Fraud

A Modesto man awaiting trial on mortgage fraud charges promised loans of $3 billion to casino and golf resort developers in the South in a scheme that netted him $300,000, according to a search warrant. Believing his fabricated story about a wealthy Hong Kong investor, 39 victims wired money to a Modesto bank for real estate appraisals that Tony Huy Havens never intended to do, the search warrant says. It is thought that some of the developers lost their multimillion-dollar projects as a result of Havens’ fraud, according to court documents.

Havens’ hard money loan company is called Dynamic Financial Services. The company’s Web site claims Dynamic “is a growing player in the hard money industry” with eight years of experience in everything from  “helping a family save their home from foreclosure to coordinating multiple million dollar loans.” According to the affidavit filed by Stanislaus County District Attorney investigator Glenn Gulley, Havens portrayed himself as a “broker for bridge lenders,” yet Gulley could not find that Dynamic Financial Services had conducted “any legitimate business.”

Committing “secondary offenses while on bail” is prohibited in the California Penal Code.

Read the Full Article in 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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