TERRELL, Texas — A Kaufman County man has pleaded guilty to federal wire fraud charges in the Eastern District of Texas, U.S. Attorney Damien M. Diggs announced today.
TERRELL, Texas — A Kaufman County man has pleaded guilty to federal wire fraud charges in the Eastern District of Texas, U.S. Attorney Damien M. Diggs announced today.
40-year-old Michael Disman of Terrell, Texas, admitted his guilt before U.S. Magistrate Judge Aileen Goldman Durrett on July 19, 2023, in connection with a fraudulent investment scheme that he operated over a four-year period.
Court documents revealed that from January 2018 to March 2022, Disman executed an investment fraud scheme using various companies he controlled, including "Dexter Development" and "Disman Energy." Disman solicited funds from unsuspecting investors for fictitious land development projects, then spent the money on non-business-related purposes, such as ATM cash withdrawals and drug purchases.
To lend credibility to his scheme, Disman falsified contracts, made several false statements about investor payouts and the use of investor money, and provided phony real estate paperwork. The fraudulent operation led to losses of at least $3.2 million, affecting at least 20 victim investors.
Disman now faces a maximum statutory sentence of 20 years in federal prison. However, the actual sentence will be determined by the court after taking into consideration the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled following a presentence investigation by the U.S. Probation Office.
The Federal Bureau of Investigation handled the investigation of this case, which is being prosecuted by Assistant U.S. Attorney Anand Varadarajan.