A Terrell man has pleaded guilty to federal violations in the Eastern District of Texas, announced U.S. Attorney Damien M. Diggs today.
Michael Disman, 41, pleaded guilty to wire fraud charges before U.S. Magistrate Judge Aileen Goldman Durrett on July 19, 2023.
Based on court documents, it was revealed that Disman engaged in an elaborate investment scam from January 2018 to March 2022. He operated this fraudulent scheme through several companies under his control, such as “Dexter Development” and “Disman Energy.” Disman deceived unsuspecting investors by enticing them with supposed profitable land development projects which, unbeknownst to the victims, did not actually exist. Instead of utilizing the funds for their intended purpose, Disman diverted them elsewhere. To maintain an illusion of legitimacy, he employed various tactics including fabricating investor payouts and providing falsified real estate documentation.
Disman misappropriated the investor funds for personal use rather than business-related activities. His unauthorized expenses ranged from ATM cash withdrawals to illicit drug purchases. This deceitful endeavor resulted in a significant financial loss amounting to at least $3.2 million incurred by a minimum of 20 victims who fell prey to Disman’s scams.
Disman could potentially be sentenced to a maximum of 20 years in federal prison. It is important to note that the final sentencing will be determined by the court, taking into account advisory sentencing guidelines and other statutory factors. Following the completion of a presentence investigation conducted by the U.S. Probation Office, a hearing will be scheduled to determine Disman’s sentence.
The Federal Bureau of Investigation is currently conducting an inquiry into this case, with Assistant U.S. Attorney Anand Varadarajan handling the prosecution.