A Modesto man was arrested Tuesday on allegations he mislead victims into putting funds into what they believed were legitimate real estate investments.
Xue Heu, 37, faces eight counts of wire fraud for allegedly taking more than $360,000 from investors and using the money for his own accounts and purposes, stated the U.S. Attorney, Eastern District of California in a news release.
Portraying himself as an officer of Liquid Assets & Land Investments Inc. and Capital Land Investments, LLC, Heu convinced clients to invest in a real estate business that bought and sold real estate, according to the federal indictment. That was between August 2007 and October 2013.
The indictment reads Heu showed potential investors fictitious and forged grant deeds, fraudulent HUD-1 settlement statements, and properties he claimed he intended to purchase. Some of those properties had already been sold.
Heu was scheduled to be formally charged in federal court Tuesday afternoon.
If found guilty of the charges, Heu could receive a sentence of up to 20 years in prison and a $250,000 fine for each of the fraud counts.