Ken Sarna, 50, the director of operations for Heaven Investments Holding Corp., has been sentenced by U.S. District Judge Troy Nunley to two years and six months in prison for a count of selling unregistered securities.
Heaven Investments Holding Corp. was based in Carmichael and raised up to $30 million through its website and investor forums. The investment money was supposed to be placed into a real estate exchange program but the company did not have a license to sell the investments.
Heaven Investments was family-owned and operated by Akbar Bhamani, and his sons Zain Bhamani and Aly Bhamani, both of whom were vice presidents. For their roles, the Bhamanis also received prison sentences.
The case was investigated by the FBI and the Internal Revenue Service-Criminal Investigation; the prosecutor was Assistant United States Attorney Michele Beckwith from the U.S. Attorney’s Office for the Eastern District of California.
Read the original article in the Sacramento Business Journal.