A federal grand jury in Santa Ana has indicted a Coto de Caza businessman for allegedly defrauding dozens of doctors and dentists out of money to fund a luxury lifestyle that included powerboats, expensive cars and Green Bay Packers stock.
David Rose, 56, is accused of multiple counts of mail and wire fraud committed through his companies M.D. Venture Partners LP (MDVP) and Technology Innovation Partners LP (TIP).
The indictment handed down Wednesday claims Rose convinced dentists to invest in TIP, which was said to be providing seed money for technology that would remove wisdom teeth from children without surgery. But none of the money was used for that, according to the FBI, which accuses Rose of using the windfall for $5,000 monthly rent on Coto de Caza house, an $80,000 Sea Ray boat, a $40,000 GMC Acadia and a stock offering in the Green Bay Packers. That scheme is said to have taken $1 million from 45 marks.
Meanwhile, the indictment also accuses Rose of similarly coaxing physicians to invest in MDVP with false promises about more medical technology supposedly being developed. Instead, Rose is alleged to have spent the money coming in on $7,500 monthly rent on another house in Coto, $65,000 worth of vehicles for himself and family members, college tuition for his kids, and much more. About 32 victims lost more than $800,000 in that scam, the feds allege.
Rose's multiple bank accounts have been frozen and his expensive goodies have been seized, which has us wondering if that means the gubment now owns a piece of the Packers.
Matt Coker has been engaging, enraging and entertaining readers of newspapers, magazines and websites for decades. He spent the first 13 years of his career in journalism at daily newspapers before “graduating” to OC Weekly in 1995 as the paper’s first calendar editor. He went on to be managing editor, executive editor and is now senior staff writer.