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Business Journal: Eight Charged in Real Estate Fraud Scheme


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Eight people have been charged in a real estate fraud scheme that federal prosecutors say swindled investors out of more than 11 million dollars between 2006 and 2008.


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(Sacramento, CA)
Friday, August 13, 2010
Executives with Heaven Investments Holding Co. in are accused of taking money from customers with promises to invest in multifamily, town home and hotel projects in Sacramento County and Oakland with an annual return of 12 percent or more.

The company claimed it had extensive experience in real estate investments, but FBI and IRS officials say Heaven Investments was nothing more than a Ponzi scheme, moving dollars from one investor to the next.

The company filed for bankruptcy protection in 2008 and was liquidated a year later.
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