After a more than five-year investigation resulting in 13 indictments and 13 sentencings, the Hymas familys Crestwood Homes saga concluded Monday with the sentencing of Aaron Hymas and his wife, Tiffany.
U.S. District Judge Edward J. Lodge sentenced Aaron Michael Hymas, 38, to 24 months in prison followed by three years of supervised release and ordered him to pay $1.52 million in restitution. Tiffany Kim Hymas, 38, 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 in restitution.
The two former Eagle residents, now living in North Salt Lake, Utah, each pleaded guilty to one count of wire fraud on Oct. 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, with 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.
The FBI and IRS investigated mortgage fraud activity related to Crestwood Homes. Aaron Hymas co-owned the now-defunct Crestwood; 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 properties, 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 assets had been transferred within a year of the filing 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 or 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.
Cynthia Sewell: 377-6428, Twitter: @CynthiaSewell