Office of the United States Attorney, Ann Birmingham Scheel
District of Arizona
January 24, 2012
TUCSON RESIDENT INDICTED FOR HIS ROLE IN A REAL ESTATE INVESTMENT SCHEME
Tucson, Ariz. - A federal grand jury has returned an indictment charging Dino Sisneros with Wire Fraud and Transactional Money Laundering Greater than $10,000. Sisneros and six others are currently scheduled for trial on separate federal mortgage fraud conspiracy charges in CR11-794-TUC-RCC.
The most recent federal indictment against Sisneros charges him with executing a real estate investment fraud scheme. The indictment alleges that Sisneros falsely represented to various investors that he would use their money to invest in real estate. The indictment further alleges that Sisneros also falsely represented that the victims would receive a large return on their investment. Instead of investing the victims’ money in real estate, it is alleged that Sisneros used a large portion of the money for his own personal use. The indictment alleges that five separate victims loaned Sisneros approximately $861,000 to invest in real estate, but Sisneros failed to pay these victims as he had promised in return for their investment.
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.
A conviction for Wire Fraud carries a maximum penalty of 20 years imprisonment, and a $250,000 fine for each count. A conviction for Transactional Money Laundering Greater than $10,000 carries a maximum penalty of 10 years imprisonment and a $250,000 fine for each count. In determining the actual sentence, the judge will consult the U.S. Sentencing Guidelines, which provide appropriate sentencing ranges. The judge, however, is not bound by those guidelines in determining a sentence.
The investigation was conducted by Criminal Investigation Division of the Internal Revenue Service. The prosecution is being handled by Jonathan Granoff, Assistant U.S. Attorney, District of Arizona, Tucson.
CASE NUMBER: CR-12-174-PHX-CKJ
RELEASE NUMBER: 2012-013(Sisneros)
# # #For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/