Man indicted on fraud, money laundering charges
A Tucson man was indicted on charges of wire fraud and money laundering in an alleged real estate investment scheme, the U.S. Attorney's Office announced Tuesday.
On Jan. 19, a federal grand jury in Tucson returned the indictment charging Dino Sisneros with wire fraud and transactional money laundering greater than $10,000, said Bill Solomon, spokesman for the U.S. Attorney's Office.
Sisneros is accused, along with six others, of running a scheme to bilk investors out of money they were told would go into real estate. He allegedly told the investors they would see a big return, but used a large portion of the money for personal use, Solomon said.
Sisneros allegedly received a total of $861,000 in loans from five victims and failed to pay them in return for their "investment," Solomon said.
A conviction for wire fraud carries a mamimum penalty of 20 years in prison and a $250,000 fine, or both. Transactional money laundering greater than $10,000 carries a maximum penalty of 10 years in prison and a $250,000 fine.
