An investor in a Charleston real estate development was sentenced today to time served for his role in a 2007 mortgage scheme that bilked lenders out of more than $400,000.

Jason G. Haywood, who has no prior criminal history, agreed in a deal with federal prosecutors to turn over 31 villas at 1 Rice Drive in West Ashley to the banks involved.
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That would enable the lenders to sell the properties and recoup some if not all of their money.

Haywood, 43, also will report for two years to a supervised release program. U.S. District Court Judge Duffy said he would determine restitution after the villas are transferred.

Assistant U.S. Attorney Rhett DeHart said the government did not object to the sentencing terms.