Former Modesto real estate agent guilty of wire fraud

A former Modesto real estate agent pleaded guilty Monday to one count of wire fraud in connection with a Guatemalan real estate investment scheme, the U.S. attorney’s office announced.

Kenneth Manuel Martin, 66, persuaded investors to give him money to fund mortgages for home buyers in Guatemala prior to August 2008. He then falsely represented to investors the longevity of the Guatemalan real estate venture and falsely promised a high rate of return and consistent monthly interest payments.

Martin also told investors that his company would provide a real estate attorney in Guatemala who would protect their funds and hold a grant deed in favor of the investors, secured by Guatemalan real estate.

As a result of Martin’s conduct, investors lost about $258,000, the U.S. attorney’s office said.

Martin was arrested in June 2012 as he tried to board a plane in Houston. Customs and Border Protection agents found a warrant for his arrest as they processed him at the airport.

Martin is scheduled to return to federal court July 21 for an evidentiary hearing on sentencing issues. The maximum statutory penalty for a violation of wire fraud is 20 years in prison.

This story was originally published April 13, 2015 at 5:58 PM with the headline "Former Modesto real estate agent guilty of wire fraud."