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.

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.

Haywood pleaded guilty in March to one count of making a false statement on a loan application.

The married father of two and former Air Force Reserves officer briefly addressed Duffy, saying he accepted responsibility for his actions and that he learned a harsh lesson.

“I’m just very sorry for what happened,” he said.

Originally, Haywood also had been accused of falsifying a federal closing document and conspiracy to commit mortgage fraud. The government dismissed those two charges.

The case centered on residential units at Starcastle Villas that Haywood bought from a former co-defendant for about $1.68 million.

Contact John McDermott at 937-5572.