SHERMAN, Texas — A man from Terrell admitted to defrauding at least 17 people as part of a $2.7 million, years-long Ponzi scheme, according to federal authorities.
The U.S. Attorney's Office for the Eastern District of Texas said 41-year-old Michael Disman pleaded guilty to wire fraud charges and admitted to running the scam from January 2018 until March 2022.
Disman operated an investment fraud scheme using various companies he controlled, including “Dexter Development” and “Disman Energy.” According to court documents, Disman solicited funds from investors for lucrative land development projects, when in reality, those projects were non-existent and the investor funds were spent elsewhere.
To deceive victims, he created documents with false information about investor payouts and the use of investor money, executing sham contracts and sharing real estate paperwork to add legitimacy.
Prosecutors say Disman actually used the investor funds for non-business purposes, including ATM cash withdrawals and drug purchases.
Disman was sentenced to 20 years in prison on Jan. 25 and ordered to pay restitution of $2.7 million to his victims.
This case was investigated by the FBI and prosecuted by assistant U.S. attorneys in the Plano office.
