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'King of Bling' sentenced in $1M Internet real estate scheme

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A Springfield man was sentenced in federal court Feb. 7 for his role in an Internet real estate scheme that cost investors more than $1 million, according to a news release from Beth Phillips, U.S. attorney for the Western District of Missouri.

John Michael Sheehan, 51, who has referred to himself as "the King of Bling," was sentenced by U.S. District Judge Richard Dorr to five years and four months in federal prison without parole and to pay more than $1 million to 21 investors victimized in the scheme.

Sheehan pleaded guilty in August to conspiracy to commit mail and wire fraud and money laundering. His wife, Alesia Sheehan, 50, of Springfield, also pleaded guilty to her role in the mail and wire fraud but awaits sentencing.

Sheehan utilized his businesses, John Michael Investment LLC, or JMI, and 3MOM Inc., to defraud investors who paid to purchase and renovate residential properties from June 1, 2005, to June 30, 2006.

Using the now defunct Web site, John Sheehan, under the pseudonyms John Michael and "the King of Bling," promised investors who contributed a minimum of $15,000 to purchase and renovate single-family homes a 10 percent to 18 percent return within a year, saying the proceeds would be split between the investors and JMI, according to the release.

Investors also attended seminars hosted by Sheehan.

Investors were told that they were the sole investors on individual properties, but Sheehan admitted in his guilty plea that he collected investments from multiple investors on the same properties.

In some cases, Sheehan did not purchase the properties and did not return the invested money, the release said.

The case was prosecuted by U.S. Attorney Randall Eggert and investigated by Internal Revenue Service Criminal Investigation, the U.S. Postal Inspection Service, the Missouri secretary of state's office and the Missouri attorney general's office.[[In-content Ad]]


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