8 Years jail term for former real estate company boss

The Federal Bureau of Investigation arrested and charged 61year old Akbar Bhamani to court two counts of selling unregistered securities.

Bhamani was the founder and chief executive officer of Heaven Investments Holding Corporation (HIHC). A company that operated in Sacramento between From February 2007 through August 2008.

Investigators say Bhamani and his employees asked prospective investors to take part in their investment programs- Tenants in Common (TIC) program.

According to Imperial Valley News, “The TIC program was to use investor money to develop four properties, including a hotel in Oakland. HIHC sold fractionalized ownership interests to investors in each of the properties. These fractionalized interests qualified as securities, which defendant never registered with the SEC.”

New from our source says US District Judge Troy L. Nunley sentenced Bhamani to eight years in prison for two counts of selling unregistered securities. 49 months on count one and 48 months on count two.

He will serve both terms consecutively.