David Rose, 57 of Coto de Caza pleaded guilty in federal court to wire fraud and mail fraud in what authorities are saying was a fraud scheme targeting physicians and dentists. Rose, sought medical professionals to invest in M.D. Venture Partners and Technology Innovation Partners with the promise of making large returns for new medical technology products. Rose raised over $2 Million from is investors and never invested the money in either company or medical technology products.
U.S. Department of Justice attorneys said, instead of investing the money, Rose spent it on college tuition, a boat, rent for his home, luxury vehicles and shares in the Green Bay Packers football team. In all, 77 investors lost $2.3 million from the schemes. If convicted of his white collar fraud, Rose faces up to 40 years in federal prison.