California Real Estate Fraud Report

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Vallejo Man Indicted for Real Estate Fraud

The U.S. Department of Justice has indicted eight Californians for real estate fraud, including Ken Sarna of Vallejo.

Sarna and the other defendants were charged with committing wire and mail fraud in connection with a real estate investment fraud scheme that ultimately resulted in losses of more than $11.4 million to the victims. The company where the alleged fraud occured was called Heaven Investments Holding Co., of which Ken Sarna was the director of operations. Heaven Investments filed for bankruptcy in 2008, was liquidated in 2009 and appears to have been little more than a Ponzi scheme.

Others charged in the indictment are:

Akbar Bhamani, 56, of Carmichael, CEO, Heaven Investments
Aly Khan Bhamani, 28, of Carmichael, Vice President, Heaven Investments
Zainulabidin Akbar Bhamani, 30, of Sherman Oaks, Vice President, Heaven Investments
Laila Bhamani, 57, of Tracy, Finance Department, Heaven Investments
Feroza Bhamani, 55, of Carmichael, Finance Department, Heaven Investments
John Pierre Quintana, 30, of Dixon, Director of Marketing, Heaven Investments
Shaun Bhamani, 26, of Valencia, Loan Officer, Global Financial & Assets Inc.

Read the full article in the Vallejo Times-Herald written by Rachel Raskin-Zrihen. See also the article published in 7th Space Interactive.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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