The proceedings went ahead after months of investigation by the Federal Bureau of Investigation, collaborating with the Stanislaus County District Attorney’s Office and the Federal Housing Financing Agency (Office of the Inspector General).
Havens was convicted of committing mail fraud and wire fraud in two separate schemes over the past decade.
Court records showed that in 2006, Havens misrepresented the sales prices of the homes he had purchased in San Joaquin and Stanislaus counties. Lenders were unaware that Havens profited from the large differences between the initial purchase prices and the reported values.
In 2008, Havens fraudulently collected nearly $250,000 in advance fees from 15 casino and golf course developers who were looking for effective ways of keeping their projects from getting foreclosed. He promised the victims, who hailed from eight states, a collective RoI of $1.1 billion.
Pleading guilty to the mortgage fraud charges levelled against him, Tony Huy Havens of Modesto, CA was sentenced to three years and five months in prison on Monday (January 11). He will begin serving his jail term on April 4.