Tucson Man Found Guilty in Real Estate Investment Fraud Scheme

Tucson Man Found Guilty in Real Estate Investment Fraud Scheme

A Tucson man has been found guilty of orchestrating a real estate investment fraud scheme that swindled more than $900,000 from his victims.

Dino Sisneros, 42, was found guilty as charged by a federal jury on June 25, 2013, after a 13-day trial. He faces a maximum penalty of 20 years in prison and a $250,000 fine for each count of wire fraud and 10 years in prison and a $250,000 fine for each count of transactional money laundering greater than $10,000.

The evidence presented at trial demonstrated that Sisneros misled investors by promising them high rates of return in exchange for their money, which he used for personal expenses, including a ski trip to Colorado and car payments for a Cadillac Escalade and two Nissan 350-Z’s.

According to the indictment, Sisneros used victim commingled funds to pay his rent, allowing him to live in a multimillion-dollar, 4-story home with an elevator. The Internal Revenue Service, Criminal Investigation, conducted the investigation, which was handled by Assistant U.S. Attorneys Jonathan Granoff and Cory Picton.

The case will be sentenced on Sept. 5, 2013, by U.S. District Judge Cindy K. Jorgenson. The indictment alleges that Sisneros received more than $900,000 from his victims but failed to pay them in return for their investments as he had promised.

The victims of Sisneros’ scheme were led to believe that their money would be used to invest in real estate, but instead, it was used for Sisneros’ personal benefit. The case highlights the importance of investigating and prosecuting white-collar crime, which can have devastating effects on innocent victims.

The U.S. Attorney’s Office, District of Arizona, is committed to holding individuals accountable for their crimes and recovering losses for victims. For more information on the U.S. Attorney’s Office, visit http://www.justice.gov/usao/az.

Case Number: CR-12-0174-TUC-CKJ(CRP)

Release Number: 2013-049_Sisneros

RELATED: Oregon Man Jailed for 39 Months Over Cyberstalking Scare Campaign

RELATED: Oregon Stalker Balda Gets 39-Month Sentence for Cyberharassment