An Eagan admitted in a federal court today to participating in a real estate scheme that scammed investors out of millions of dollars.
Toni Carlos Greene pleaded guilty on April 10 to transactional money laundering.
In his plea agreement, Greene admitted to soliciting money from investors between early 2007 and August 2008 under the false pretense that their money would be used to purchase, rehabilitate and sell properties, according to a statement by the U.S. Attorney’s Office.
Investors were told that their money was a short-time investment loan that would be repaid with profits or interest.
Unbeknownst to his investors, Greene used their money for personal uses and repaid investors using a pyramid scheme.
Greene was charged by the U.S. Attorney’s Office on March 20.
Officials estimate Greene’s victims lost more than $1 million to his scheme.