Modesto resident Kenneth Manuel Martin, 66, pleaded guilty to one count of wire fraud.
According to the offices of United States Attorney Benjamin B. Wagner, Martin convinced individuals to invest money with him, telling them their monies would be used to fund mortgage loans to home buyers in Guatemala. Their investments were to be secured by grant deeds secured by Guatemalan real estate. The inducement was high interest rates of return.
This case was investigated jointly by the Federal Bureau of Investigation and the Social Security Administration, Office of Inspector General. Assistant United States Attorneys Henry Z. Carbajal III and Grant B. Rabenn are prosecuting the case.
Read the original article in the Imperial Valley News.