David Saks: TENTH CRESTWOOD REAL ESTATE FRAUD DEFENDANT SENTENCED

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

TENTH CRESTWOOD REAL ESTATE FRAUD DEFENDANT SENTENCED

Tenth Crestwood Defendant Sentenced
Ordered to Pay $241,307.04 in Restitution to Victims of Wire Fraud

U.S. Attorney’s Office October 26, 2012
  • District of Idaho (208) 334-1211
 

BOISE—Travis Richard Hymas, 29, of American Fork, Utah, formerly of Meridian, Idaho, was sentenced today in United States District Court to 24 months in prison followed by three years of supervised release for wire fraud, U.S. Attorney Wendy J. Olson announced. U.S. District Judge Edward J. Lodge also ordered Hymas to pay $241,307.04 in restitution and serve 80 hours of community service.

A federal jury convicted Hymas on June 22, 2012 on five counts of wire fraud related to mortgage fraud. During the eight-day trial, the jury heard evidence that between November 2006 and March 2007, Hymas defrauded five lenders on nine residential loans valued at approximately $1.7 million.

According to court documents, Travis and his wife Season filed a bankruptcy petition on July 17, 2008, in United States Bankruptcy Court for the District of Idaho. On March 19, 2009, a substantial amount of the debt they owed on the fraudulent loans was discharged by the bankruptcy proceeding. Season Hymas is set for trial in Boise on November 13.

In a related case, Aaron Michael Hymas, 38, the former chief executive officer of Crestwood Construction, and Tiffany Kim Hymas, 37, of Bountiful, Utah, who are husband and wife, pled guilty last week to wire fraud. According to the plea agreements, in March 2007, the Hymases schemed to defraud a lender by knowingly submitting a residential loan application containing material misrepresentations regarding Tiffany Hymas’ employment, wages, commissions, and monthly income from rental properties.

The cases are part of an investigation of mortgage fraud activity related to Crestwood, which involved multiple defendants who bought and sold real estate in order to “flip” it, or gain profits from the sales. The financial institutions and mortgage lenders incurred substantial losses on the loan transactions.

Nine others have been sentenced in related cases, including Michael J. Hymas, Shauntee K. Ferguson, Christopher R. Georgeson, Stanley J. Ferguson, Brent Bethers, Shane Merlin Hymas, Laurie Krechelle Hymas, Melody C. Redondo, and Paul Redondo.

“Today’s sentence is the fair and just result of Mr. Hymas’ efforts, in coordination with others, to undermine the integrity of our home financing system,” said Olson. “Mr. Hymas sought to manipulate home loans for personal profit, leaving financial institutions and investors with significant losses. The U.S. Attorney’s Office, along with our prosecuting and law enforcement partners at all levels, are committed to combating mortgage fraud. I commend the investigators and prosecutors who have successfully pursued those involved in the Crestwood Homes fraud schemes.”

The cases were investigated by the Federal Bureau of Investigation and Internal Revenue Service-Criminal Investigation, with assistance provided by the Office of the United States Trustee and the Idaho Department of Insurance. The case is being prosecuted by the U.S. Attorney’s Office for the District of Idaho and the State of Idaho, Office of the Attorney General.

Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices, and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets; and conducting outreach to the public, victims, financial institutions, and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,700 mortgage fraud defendants. For more information on the task force, visit www.stopfraud.gov.

source: FBI




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • October 29 2012 11:01AM

Comments

This blog does not allow anonymous comments