Michael Disman, 41, has been sentenced to 20 years in federal prison for wire fraud charges, as announced by U.S. Attorney Damien M. Diggs today. Disman pleaded guilty to defrauding investors in the Eastern District of Texas. The sentencing was carried out by U.S. District Judge Amos Mazzant on January 25, 2024. Disman is required to pay approximately $2.7 million in restitution to his victims.
Court records revealed that from January 2018 to March 2022, Disman operated an investment fraud scheme through companies under his control, including "Dexter Development" and "Disman Energy." Under the guise of lucrative land development projects, Disman solicited funds from investors. However, investigations showed that these projects did not exist, and investor funds were diverted for unauthorized purposes.
Disman employed various deceptive tactics, including false information about investor payouts and the misuse of funds. He created sham contracts and presented real estate paperwork to give an appearance of legitimacy to his scheme. The investigation found that the defrauded funds were used for non-business purposes, such as ATM cash withdrawals and drug purchases. At least 17 investors fell victim to Disman's scheme, resulting in losses totaling $2.7 million.
The FBI conducted the investigation, and the case was prosecuted by assistant U.S. attorneys in the Plano office.
