Mo. man admits defrauding real estate investors

By The Associated Press

SPRINGFIELD, Mo. (AP) - A southwest Missouri man has pleaded guilty to defrauding investors of as much as $1 million in a real estate scheme.

The U.S. Attorney's office said Friday that 50-year-old John Michael Sheehan - who called himself the "King of Bling" on a website - faces up to 30 years in prison for the scheme.

The Springfield man pleaded guilty earlier this week to conspiracy charges dating from 2005 to 2006.

Prosecutors said Sheehan solicited investments to buy, rehab and sell single-family homes, promising to split the proceeds with investors. His website promised quick returns of up to 18% within a year on a minimum investment of $15,000.

Sheehan admitted keeping the money for himself instead of buying properties.

A sentencing date will be set later.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.