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Sherman, Texas– The Eastern District of Texas U.S. Attorney Damien M. Diggs announced that the court sentenced a Terrell man to federal prison for defrauding investors.
Michael Disman, 41, pleaded guilty to wire fraud charges and was sentenced to 20 years in federal prison by U.S. District Judge Amos Mazzant on Jan. 25, 2024. The court ordered Disman to pay his victims restitution of approximately $2.7 million.
According to information presented in court, between January 2018 and March 2022, Disman operated an investment fraud scheme using various companies he controlled, including “Dexter Development” and “Disman Energy.” Disman solicited funds from victim investors for purported lucrative land development projects when those projects were non-existent, and he spent the investor funds elsewhere. To execute his scheme, Disman made various material misrepresentations about investor payouts, using investor money, managing sham contracts, and sharing real estate paperwork to add legitimacy. Disman used the investor funds for various non-business purposes, including ATM cash withdrawals and drug purchases. Disman defrauded at least 17 victim investors and caused at least $2.7 million in losses.
The FBI investigated the case, and U.S. attorneys in the Plano office were the prosecutors.