A Sherwood man pleaded guilty to committing wire fraud and money laundering in federal court this month after being accused of playing a part in a scheme that defrauded $18 million from investors.

Robert D. Christensen, co-owner of entities including Foresee, Inc., The Commission PDX, LLC, The Policy PDX, LLC, and Innings 150, LLC, was accused of operating a multi-year “Ponzi-like” scheme, according to the U.S. Securities and Exchange Commission.

In March, the businesses’ co-owner, Anthony M. Matic of Damascus, pleaded guilty to conspiracy to commit wire fraud in relation to the fraud.

Court documents say that from January 2019 to June 2023, Christensen and Matic convinced people to invest in the purchase and renovation of undervalued real estate. After renovation, the co-owners said they would rent the properties out and refinance the loans to pay back investors, with as much as 15% interest.

When the rents didn’t create the desired returns, the duo began using new investments to repay earlier investors before defrauding commercial lenders to get more funding with false financial information.

“In total, Christensen and Matic’s two schemes defrauded individual investors out of more than $11 million and commercial lenders out of more than $7 million,” according to the U.S. Attorney’s Office for the District of Oregon.

Conspiracy to commit wire fraud can met up to 20 years in federal prison, and money laundering can garner up to 10 years. Christensen and Matic are both set to be sentenced Oct. 14.