Eight people have been charged in a real estate scheme that federal prosecutors say swindled investors out of more than $11.4 million between 2006 and 2008.
Prosecutors allege the defendants solicited investors through their family run company in Sacramento, Heaven Investments. They promised to buy, renovate and resell single-family homes and use investors' money to develop four pieces of property, pitching annual returns of 12 to 15 percent.
The indictment says the company operated like a Ponzi scheme, using money from new investors to make interest payments to earlier ones.
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