Eagan Man Pleads Guilty to Defrauding Real Estate Investors of $1 Million

An Eagan man pleaded guilty in federal court Tuesday for his role in a scheme that defrauded real estate investors of more than $1 million.

Tonii Carlos Greene, 52, pleaded guilty to one count of money laundering.

Greene's investors were told that they were buing a stake in properties that would be bought at a discount, rehabilitated, and either refinanced, according to a Department of Justice press release.

Investors believed their contributions were a short-term investment loan to be repaid with profits or interest.

Investors were not told their funds would be used for Greene’s personal use, or that their investment returns would come from the contributions of future investors.

Greene will be sentenced to up to 10 years in prison at a later date.