A former Treasure Valley couple at the helm of the Crestwood Homes mortgage fraud scandal were sentenced in Boise federal court Monday for wire fraud.
U.S. District Judge Edward J. Lodge sentenced Aaron Hymas to 24 months in prison followed by three years of supervised release and ordered him to pay $1,520,296.77 in restitution. Tiffany Hymas was sentenced to 60 days in prison followed by three years of supervised release, beginning with six months of home detention. She also was ordered to pay $667,505.42 in restitution. The two former Eagle residents each pleaded guilty to one count of wire fraud on October 18.
According to the plea agreements, the defendants admitted that they schemed to defraud a lender by having Tiffany Hymas submit a residential loan application for $295,600, on March 28, 2007, in which she made material misrepresentations. On the application, Tiffany Hymas stated that she was employed by OPM Enterprises with 2.6 years on the job; that she had income and commissions of $72,500 per month; and that she had gross rental income of $14,600 per month from four properties in Meridian, Nampa and Boise. Based on these misrepresentations, Taylor, Bean and Whitaker Mortgage Corporation funded the loan. The defendants admitted they knew Tiffany Hymas' statements were false and material to the loan application, and that they knew the statements were false at the time she made them.
The Hymases' cases are part of a multiyear FBI and IRS investigation of mortgage fraud activity related to the now defunct Crestwood Homes, which was co-owned by Aaron Hymas. His business partner, Justin Walker, died in an airplane crash in 2009.
Crestwood Homes filed a $68 million bankruptcy in July 2008. After doing so, it was discovered that individuals associated with Crestwood were involved in submitting fraudulent residential loan applications to lenders in order to flip the property, or gain profits from the sales.
Chief U.S. Bankruptcy Judge Terry L. Myers in September 2010 declined to discharge Crestwoods $68 million debt because of the transfer of assets within a year of filing bankruptcy with the intent to hinder, delay or defraud their creditors and their knowing and fraudulent false oaths.
In addition to Aaron and Tiffany Hymas, eleven other Hymas family members or associates have been sentenced since November 2010 on charges of wire fraud, bank fraud and making false statements, including Michael J. Hymas, Travis Hymas, Season Hymas, Shane Merlin Hymas, Laurie Krechelle Hymas, Shauntee K. Ferguson, Stanley J. Ferguson, Melody Covino Redondo and Paul Redondo, Brent Bethers and Christopher R. Georgeson.