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Phoenix Real Estate Duo Indicted

A father-son duo who operated a Phoenix real estate investment business are in legal trouble again. Larry Heartburg, 66, and his 40-year old-son, Rolf Heartburg, have been indicted on additional charges for allegedly bilking elderly investors out of approximately $257,000.

The alleged scheme involved convincing investors to put money toward the purchase of mortgages on commercial real estate, according to court documents. The Heartburgs operated Valley businesses called Phoenix Real Estate Opportunity Fund LLC and Heartburg Investment Counseling. The pair were indicted in the same case in October for alleged wire and mail fraud.

A federal grand jury added to the new charges July 1, indicting Larry Heartburg for allegedly not filing tax returns and Rolf Heartburg for allegedly structuring financial transactions to avoid legal reporting requirement. Court documents show some of the investors were seniors from Sun City.