SANTA ANA, Calif. (CN) - An Orange County man faces up to 40 years in federal prison after pleading guilty Monday to defrauding doctors and dentists of $2.3 million for bogus "emergency medical technologies."
David Rose, 57, of Coto de Caza, pleaded guilty to mail fraud and wire fraud, the U.S. Attorney's Office said.
In one, 6-year scam, he rolled doctors for $900,000 through his Irvine company, M.D. Venture Partners, which he claimed invested in emerging medical technologies, prosecutors. In a second scam, he took dentists for $1.4 million by claiming his company, Technology Innovation Partners, was developing a way to pull children's wisdom teeth without surgery.
Rose actually spent the money on his $7,500 monthly rent, an $80,000 boat, "luxury vehicles" and shares in the Green Bay Packers, the U.S. attorney said. None of the money went to his so-called medical technology businesses.
Rose has been in jail since he was arrested in May 2013.