Tucson man gets prison in investment fraud scheme
TUCSON, Ariz. -- A Tucson man has been sentenced to five years in federal prison in a real estate investment fraud scheme.
Prosecutors said Friday that 42-year-old Dino Sisneros also was ordered to pay more than $963,000 restitution.
Sisneros was convicted in June after a 13-day trial on three counts of wire fraud and two counts of transactional money laundering greater than $10,000.
Prosecutors say Sisneros misled investors by promising them high rates of return in exchange for their money which he said would be used to invest in real estate from 2006 to 2008.
They say Sisneros instead used most of the money for his personal use on car payments, hotel bills and ski trips to Colorado.
Sisneros also was indicted in a mortgage fraud case that goes to trial in February.