Springfield couple indicted for $1M investment fraud

A Springfield husband and wife were indicted Tuesday by a federal grand jury for their roles in an alleged $1 million real estate investment scheme.

John Michael Sheehan and Alesia Claremae Sheehan were charged on 22 counts in the indictment, which alleges that the couple conspired to commit wire and mail fraud from June 2005 through June 2006.

The Sheehans allegedly used a Web site to solicit investments to purchase, renovate and flip single-family homes, with proceeds split between the Sheehans and the investors. The Web site promoted John Sheehan as "The King of Bling" and promised up to 18 percent return on investments within a year. Investors, who gave a minimum of $15,000 each, also attended seminars by the couple.

According to the indictment, the Sheehans used their businesses, JMichael Investments LLC and 3MOM Inc., to defraud 21 investors out of $1.02 million for 33 properties. The couple allegedly collected multiple investments for the same properties and did not use all the money for purchasing or rehabilitating homes.

In addition to the wire and mail fraud conspiracy, the indictment charges the Sheehans with two counts of mail fraud, 10 counts of wire fraud, one count of conspiracy to commit money laundering relating to engaging in monetary transactions in criminally-derived property and eight counts of money laundering.