Tucson resident Dino Sisneros was sentenced to 60 months in prison this week for his role in a real estate investment fraud scheme. The government’s attorney called Sisneros a “financial danger to the community” and a “walking crime wave.”
After a trial of thirteen days, Sisneros (age 42) was found guilty as charged by a federal jury on June 25, 2013. The charges against the defendant included three counts of wire fraud and two counts of transactional money laundering greater than $10,000.
The evidence presented at trial demonstrated that Sisneros orchestrated a real estate investment fraud scheme between 2006 – 2008 during which Sisneros misled investors by promising them high rates of return in exchange for their money, which he said would be used to invest in real estate. However, instead of investing in real estate, he used large portions of his victims’ money for his own personal use, including paying for a ski trip to Colorado; paying a $7,900 hotel bill in Santa Monica, Calif.; car payments for a Cadillac Escalade, Cadillac CTS, two Nissan 350-Z’s, a Nissan Altima, and a Ford Expedition. The evidence further demonstrated that Sisneros used victim commingled funds toward his own rent payments so he could live in a multimillion dollar, 4-story home with an elevator. Sisneros received more than $900,000 from his victims but failed to pay his victims in return for their investments as he had promised.
Sisneros was also ordered to pay restitution of $963,200 to his victims.
Sisneros’ attorney asked that he be allowed to self-surrender, but Judge Jorgenson denied the request. Sisneros was then remanded into the custody of the U.S. Marshals.
The investigation was conducted by Special Agents from IRS Criminal Investigation.
Sisneros is under indictment on another case with six other defendants regarding mortgage fraud. The trial date on that case is February 25, 2014.