SANTA ANA, Calif. (AP) — An Orange County man has pleaded guilty to running a $2.3 million medical fraud scheme targeting physicians and dentists.
The Orange County Register reports 57-year-old David Rose entered guilty pleas Monday to wire fraud and mail fraud charges.
Federal prosecutors say the Coto de Caza resident faces up to 40 years in prison at his Nov. 24 sentencing.
Prosecutors alleged that Rose persuaded medical professionals to invest in a pair of companies by promising lucrative returns on new medical technologies.
Authorities say no money was actually invested in medical technology by either company.
Instead, prosecutors say, Rose used the investor's money on personal expenses such as college tuition, luxury vehicles, a boat and shares in the Green Bay Packers.
More than 77 people lost money in the scheme.
©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.