Real Estate investor sentenced for stealing $3M in bankruptcy fraud scheme
(CBS DETROIT) - A former real estate investor from Michigan is sentenced to six and a half years for a $3 million fraud scheme, the U.S. Attorney's office announced Monday.
Sean Tissue pleaded guilty in February to wire fraud and withholding information in a bankruptcy proceeding.
Federal officials say between 2015 and 2021, Tissue developed a fraudulent investment scheme and worked with potential investors in Israel, India, South Africa, and other countries. He tried to convince them to invest in real estate in Michigan, Texas and other states.
Tissue, who gave the name "Sean Ryan," also used fake documents to provide investors. Those documents included fake deeds, wiring instructions, bank statements, leases, and fake inspection reports. He converted about $3 million in funds for personal use.
Officials say he withheld recorded information regarding his assets and financial affairs from the Bankruptcy Trustee after filing Chapter 7 Bankruptcy.
"Sean Tissue lied repeatedly to investors over the course of many years, and his lies continued when he tried to escape his debts by filing for bankruptcy," U.S. Attorney Dawn Ison said in a statement. "Today's sentence provides substantial punishment for Tissue's long history of fraud and reflects the serious consequences that await those who abuse our financial and bankruptcy systems."