California Real Estate Fraud Report

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Millionaire pro surfer charged in short sale fraud

Conan Hayes, a world tour surfer, founder of the RVCA clothing business and the star of Taylor Steele’s Momentum series faces is in hot water for the short sale he made on a Costa Mesa home he owned.

Short sales are approved by banks when the homeowner can no longer afford the mortgage and can prove financial hardship. In Hayes’ case, the warrant for his arrest alleges Hayes submitted Bank of America false information about his true net worth, claiming he was unemployed. The felony complaint further alleges that as a result, Bank of America lost $586,245 from the short sale, which is also the amount of Hayes’ bail.

Prosecutors from the Orange County District Attorney’s Office contend that less than a year before the sale of his home, Conan Hayes sold his interest in a business for almost $8 million to surfing merchandise giant Billabong and paid cash for a $1.39 million house in Los Angeles County.

Click Conan Hayes Felony Complaint Warrant to read the OCDA’s felony warrant complaint.

Read the original article in the OC Register and a second updated article in the OC Register.

© Copyright 2007-2018 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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