The office of the US Attorney, District of Arizona, reports that a Tucson, AZ man was found guilty of real estate fraud. Dino Sisneros, 42, was charged with three counts of wire fraud and two counts of money laundering greater than $10,000.
Sisneros will be sentenced September 5, 2013.
Sisneros masterminded a real estate fraud scheme between 2006 and 2008. He told investors that he would invest their funds in real estate and they'd receive a large return on their investment. Instead of investing the funds, Sisneros allegedly used a large portion of the funds for his own personal use. The indictment alleged that Sisneros received approximately $861,000 in loans from the investors to invest in real estate, but he he failed to pay the victims as he had promised.
The indictment against Sisneros states that five separate victims loaned him money to invest in real estate, but that Sisneros failed to pay them as he promised.
The Arizona US Attorney's office stated that, " An indictment is simply the method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until competent evidence is presented to a jury that establishes guilt beyond a reasonable doubt."
The investigation was conducted by the Criminal Investigation Division of the IRS. The prosecution is being handled by Jonathan Granoff, Assistant US Attorney, District of Arizona, Tucson.
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