David Rose of Coto de Caza, California received a 57 month prison sentence and was ordered to pay over $2 million in restitution for defrauding doctors, dentists and other investors in a scheme involving emerging medical technology.
According to the FBI's July 2014 release, Rose solicited investments in the Irvine-based companies M.D. Venture Partners and Technology Innovation Partners, claiming that invested funds would be used to research developments in the medical field, such as a way to remove wisdom teeth in children without surgery.
Instead, investigators found that neither company invested any money and that Rose converted the funds for personal use, including rent, college tuition, luxury vehicles, a boat, and shares in the Green Bay Packers.
Rose, who was 2014's third-worst financial adviser, had faced 40 years in prison.
If you have invested with an adviser, broker or firm whose promises of lucrative returns on investments in emerging technologies have failed to deliver at the expense of your financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.