The former co-owner of clothing brand RVCA and professional surfer, Conan Hayes was charged in Orange County Superior Court with Real Estate fraud. According to authorities, Hayes lied to Bank of America causing them to lose $586,245 on the short sale of a Costa Mesa home.
Hayes, who sold his interest in RVCA for over $7 million is alleged to have told bank officials that he had lost his job and got the bank to agree to short sell the Costa Mesa home. The bank was unaware of Hayes assets from the sale of RVCA which may have been able to prevent the need for the bank to short sell the home.
Hayes, 40 was charged with one felony count of grand theft with sentencing enhancements of property losses over $200,000. If he is convicted, Hayes faces up to five years in prison.