The CEO and founder of Heaven Investments Holdings Corporation (“Heaven Investments”), a Sacramento-based investment company, was sentenced to four years in prison for investment fraud.
Akbar Bhamani was sentenced in federal court in Sacramento.
Heaven Investments, utilizing a website and some investor forums, raised more than $30 million from investors, across the country, to invest in a real estate exchange program. The company never obtained a license to offer the investments it was selling.
Heaven Investments guaranteed up to 13 percent annual interest and the tax advantages of 1031 real estate exchanges.