Xue Heu of Modesto, California was sentenced in U.S. District Court, Eastern District of California to five years and three months in prison for his role in two separate investment schemes that caused about $1 million in investor losses.
The schemes targeted investors in Fresno, California and Texas, according to U.S. Attorney Benjamin Wagner. Hue was ordered to pay victim restitution amounting to more than $1.16 million.
Court documents state that Heu, claiming to be an officer at Liquid Assets & Land Investments and Capital Land Investments, induced investors to put money toward businesses that bought and sold real estate. To add the appearance of legitimacy to these investments, court documents state that Hue issued false documentation to investors, including fictitious grant deeds. The misconduct took place between August 2007 and October 2013. Heu accepted a plea deal and admitted to defrauding his customers out of more than $412,000.
According to court documents, there was a second scheme that took place between October 1, 2013 and December 31, 2013. The documents state that Heu and his associates defrauded a group of real estate investors out of more than $762,000. Heu, using the alias “Michael Chan,” purported to be a representative of Troubled Asset Relief Program (TARP), a company that sold property that had been foreclosed on.
Meyer Wilson helps investors recover losses caused by fraud and misconduct. If you or someone you know has lost a substantial amount of money and you suspect fraud, we invite you to contact our attorneys today for a free case review.