Burnsville Man Accused of $200K in Mortgage, Foreclosure Scams
James Michael Hayden, 36, of Burnsville
Dakota County Sheriff's Office
A Burnsville man has been accused of organizing mortgage and home foreclosure scams - allegedly stealing more than $200,000 from nine investors.
James Michael Hayden, 36, was charged in Dakota County District Court with three felony counts of theft by swindle for the alleged scams between 2011 and 2013.
Hayden reportedly convinced people to invest with him and his business, JMH Properties LLC, to purchase various homes undergoing foreclosures in Burnsville, Lakeville and other cities in the Twin Cities, according to the Dakota County Attorney's Office. He met investors through business and family contacts.
Hayden allegedly promised the investors profit sharing once the properties were purchased, and later sold, according to the county attorney's office. In most cases, Hayden and his business never purchased the properties for which the investments were intended.
In one case, Hayden reportedly convinced a homeowner - whose home was subject to foreclosure - to sell it to a third-party investor, promising profit sharing, which the homeowner never received.
Hayden returned little or none of the initial investments, made by the nine people who have been identified, according to the county attorney's office. In total, between $200,000 and $250,000 allegedly was stolen in these schemes.
Hayden appeared in court Tuesday. His bail was set at $100,000, or $50,000 with conditions. His next court appearance is scheduled for Aug. 5.