In a significant development, 41-year-old Michael Disman from Terrell has pleaded guilty to federal violations related to an elaborate investment fraud scheme. U.S. Attorney Damien M. Diggs announced the plea on July 19, 2023, in the Eastern District of Texas.
Disman's guilty plea was for wire fraud charges, and he appeared before U.S. Magistrate Judge Aileen Goldman Durrett to enter his plea.
Court records reveal that Disman masterminded an investment fraud scheme that operated between January 2018 and March 2022, using several companies under his control, including "Dexter Development" and "Disman Energy." During this period, he targeted unsuspecting investors with the promise of lucrative land development projects, enticing them with the prospect of significant returns on their investments.
However, investigations revealed that Disman's claimed land development projects were nothing more than a facade. In reality, the projects did not exist, and he misappropriated the investors' funds for personal gain. To maintain the illusion of legitimacy, Disman resorted to making false statements about the investor payouts and the use of their money. He created fake contracts and provided forged real estate documents to deceive the victims.
The court learned that Disman shamelessly misused the investors' funds for personal expenses, including ATM cash withdrawals and even illegal drug purchases. The devastating scheme defrauded a minimum of 20 victim investors, causing losses amounting to at least $3.2 million.
The guilty plea puts Disman at risk of facing severe consequences for his actions. He could be sentenced to a maximum of 20 years in federal prison, a penalty that reflects the seriousness of his crimes.
U.S. Attorney Damien M. Diggs expressed his satisfaction with Disman's admission of guilt, stating that financial fraud cases like this undermine trust in the financial system and harm innocent investors seeking legitimate investment opportunities.
