MINNEAPOLIS (WCCO) – A 52-year-old Eagan man pleaded guilty Tuesday in federal court for participating in a scheme to defraud real estate investors that, when totaled, cost victims more than $1 million.
Tonii Carlos Greene pleaded guilty to one count of transactional money laundering.
In his plea agreement, Green admitted that from early 2007 through at least August 2008, he devised and participated in a scheme that involved the solicitation of money from investors under false pretenses.
Greene solicited investments in a purported program through which properties were to be bought at a discount, rehabilitated, and either refinanced or sold.
Investors were told that their money was a short-term investment loan and would be repaid with profits or interest. Investors were not told that their funds would be used for Greene’s personal use, or that their purported investment returns would be paid from later investor funds. The estimated loss to victims due to Greene’s actions is more than $1 million.