A Michigan real estate investor has been charged in federal court with multiple counts of bankruptcy fraud totaling more than $1.1. million, MLive.com reported. Sean Phillip Tissue is accused of multiple counts of concealment of assets, false oaths, false declarations and withholding recorded information as part of the scheme. Tissue is the owner of numerous companies, including Greystone Home Builders, Sycamore Homes, Sycamore Construction, Lenovo Homes, and Metro Detroit Home Solutions. He was previously charged in August in a wire fraud scheme in which he allegedly defrauded Israeli investors of more than $600,000 in fraudulent real estate investments. “This defendant used a number of apparently legitimate companies, sophisticated methods, and lies to defraud potential real estate investors, many from outside the United States. He then declared a fraudulent bankruptcy in an effort to avoid re-paying his victims.” said United States Attorney Dawn N. Ison in a statement. “Today’s charges demonstrate our commitment to ensure the integrity of our bankruptcy system.” Tissue faces maximum penalties of five years in prison, a $250,000 fine, and up to 3 years supervised release. A federal district court judge will determine the sentence.
