Bountiful couple face federal charges
Thursday , February 16, 2012 - 10:13 AM
BOUNTIFUL — A Bountiful couple, Aaron Michael Hymas, 37, and Tiffany Kim Hymas, 36, were indicted by a federal grand jury in Boise today on multiple counts of wire fraud, false statements to financial institutions and bankruptcy fraud.
Aaron Hymas was the former chief executive officer of Crestwood Construction, also doing business as Crestwood, Inc. The companies were engaged in residential construction in Idaho and Utah.
The 17-count indictment alleges that from February 2005 to March 2007, the defendants submitted fraudulent loan applications on approximately 30 mortgage loans, in order to meet underwriting guidelines and appear to be qualified for the loans.
The total value of the loans was approximately $8 million.
In addition, the indictment alleges that in April 2007, approximately one year before filing bankruptcy, the defendants initiated a scheme to defraud creditors and to avoid making their assets available to creditors in satisfaction of their debts.
As stated on their bankruptcy schedules filed on June 11, 2008, the defendants reported secured debts totaled nearly $57 million and unsecured debts in excess of $11 million.
The indictment alleges that in December 2007, the defendants formed various trusts and other entities. Approximately two months prior to filing bankruptcy they allegedly transferred $325,000 into various accounts that were held in the name of these entities.
It is also alleged that in April 2007, the defendants loaned $507,000 to an individual. It is alleged that the defendants’ interest in the accounts receivable that arose through the loan was not disclosed on their bankruptcy schedules.
The indictment also alleges that Aaron Hymas fraudulently assisted other individuals in obtaining four residential loans, the total value of which was approximately $3 million.
The case is 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. Financial institutions and mortgage lenders incurred substantial losses on the loan transactions.
The two defendants face up to 30 years in prison on each count of wire fraud affecting a financial institution and making a false statement to a financial institution, a maximum fine of $1 million, and up to five years of supervised release. Each count of wire fraud is punishable by up to 20 years in prison, a maximum fine of $250,000 and up to three years of supervised release.
The charges of bankruptcy fraud and fraudulent transfer of assets in contemplation of bankruptcy are each punishable, per count, by up to five years in prison, a maximum fine of $250,000, and up to three years of supervised release.
To date, nine people have been sentenced in related cases and two others are scheduled to go to trial in June.STORY:201202160052Bountiful couple face federal charges/Business/2012/02/16/Bountiful-couple-face-federal-charges.html-1