A 38-year-old man from Fair Oaks, Sacramento County, is facing four charges of wire fraud, according to the U.S. Department of Justice (DOJ). The arrest follows a federal grand jury indictment in late April.

Scheme Involving Trusted Medical Partnership

The DOJ revealed that the accused was involved in a scheme through his company, Trusted Medical Partnership. Over a span of four years, starting in June 2018, he allegedly misled investors, claiming he needed funds to fulfill purchase orders for medical devices.

Deceptive Practices

In the elaborate scheme, the man purportedly provided investors with fabricated copies of purchase orders and guaranteed them significant returns within a short period with minimal risk. However, investigations suggest that once the funds were received, they were diverted towards gambling, personal expenses, and payments to previous investors.

Victims Left with Minimal Returns

Despite promises of lucrative returns, investors allegedly received little to no profits on their investments. The DOJ indicated that the accused utilized the funds for personal gain, leaving investors at a loss.

Potential Legal Ramifications

If found guilty, the defendant could face severe consequences, including a maximum prison sentence of 20 years and a fine of up to $250,000.

Conclusion: Ensuring Accountability

Cases of financial fraud like this highlight the importance of stringent regulatory measures and investor due diligence. Authorities must remain vigilant to safeguard against such deceptive practices, ensuring accountability and protecting investors from fraudulent schemes.

For more local news updates, download The Local News App today.

Source:

• NEWS.ORG 40.COM

<a href=”https://fox40.com/news/local-news/sacramento-county/man-allegedly-faked-medical-device-sales-to-get-money-he-used-for-gambling-personal-expenses-doj-says/”>Source</a>