According to an article in the Modesto Bee, Xue Heu, 38, who conned over $1.26 million from investors in California and Texas, pleaded guilty on Monday to two counts of wire fraud.
Heu and Thomas Dickey Price, 72, posed as representatives of Fannie Mae and Freddie Mac who were selling foreclosed homes through their companies Liquid Assets & Land Investments Inc. and Capital Land Investments LLC. The homes had already been sold but the pair used forged deeds (title fraud) and other fraudulent documents in order to fool their victims.
Heu used the alias Michael Chan and Price used the names Albert Martin and Matt Taylor.
A third conspirator, Carla Lee Miller, signed a plea arrangement earlier this month.
Xue Heu will be sentenced in June in Fresno. If he pays restitution to his victims of $403,469 he could receive less than the 20 year sentence for which he is eligible.