SANTA ANA, California – David Rose, a 58-year-old man from Coto de Caza, was sentenced to 57 months in federal prison for his role in schemes that bilked physicians and dentists out of more than $2 million.
Rose pleaded guilty in July to one count of wire fraud and one count of mail fraud. He was sentenced this morning by United States District Judge James V. Selna.
According to court documents, over a six-year period that ran through May 2011, Rose solicited physicians to invest in an Irvine company he called M.D. Venture Partners (MDVP) and falsely promised lucrative returns on investments in emerging medical technologies.
However, Rose used investor funds for personal expenses, including $7,500 monthly rent for a house in Coto de Caza, college tuition, an $80,000 Sea Ray boat, and shares in the Green Bay Packers. The investigation revealed that no money was invested by either MDVP or TIP.
In the MDVP scheme, Rose caused approximately 32 victims to lose more than $900,000. In the TIP scheme, 45 victims lost more than $1.4 million. As part of today’s sentencing, Judge Selna ordered Rose to pay a total of $2,315,394 in restitution.
Rose was arrested in May 2013 and has remained in custody since that time. The case against Rose is the product of an investigation by the Federal Bureau of Investigation.
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Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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