(CBS DETROIT) – A real estate investor pleaded guilty to taking more than $3 million in a bankruptcy scheme.
Sean Tissue, also known as Sean Ryan, pleaded guilty on Tuesday to wire fraud and bankruptcy fraud. He faces a maximum of 20 years in prison for wire fraud and five years for bankruptcy fraud.
The 37-year-old, formally from Rochester, engaged in a real estate investment fraud scheme from 2015 to 2021, in which he made others false “representations to induce potential investors from Israel, India, South Africa, and other countries to invest in real estate in Michigan, Texas, and other locations,” according to a press release from the U.S. Attorney’s Office.
Federal officials say he provided fake documents — deeds, wiring instructions, bank statements, leases, and inspection reports — to send to investors and convince them to invest and send money through interstate and international wire transactions.
Additionally, he engaged in a bankruptcy fraud scheme from November 2017 through May 2019. Officials say he withheld recorded information regarding his assets and financial affairs from the Bankruptcy Trustee after filing Chapter 7 Bankruptcy.
“Sean Tissue orchestrated an elaborate scheme to defraud individual investors. He tried to avoid repaying those investors by declaring bankruptcy, and his lies and deceits continued in the bankruptcy proceeding,” U.S. Attorney Dawn Ison said in a press release. “This guilty plea is an important step towards holding Mr. Tissue accountable for his actions and reflects my office’s commitment to prosecuting financial crime and protecting the integrity of the bankruptcy system.”