California Real Estate Fraud Report

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Heaven Investments director sentenced to prison

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.

© Copyright 2007-2018 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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