DALLAS (AP) — Two Dallas residents have pleaded guilty to medical investment-related fraud in what investigators call a $10 million Ponzi scam.
Federal prosecutors in Dallas on Wednesday announced guilty pleas from 50-year-old Duncan MacDonald III and 71-year-old Gloria Ann Solomon.
Both could get five-year prison terms after pleading guilty to conspiracy to commit wire fraud. MacDonald and Solomon could also be required to pay fines of up to $250,000 and make restitution.
Investigators say the scheme ran from 2006 through September 2012 when MacDonald was president of Global Corporate Alliance, Inc. Solomon was chief administrative officer of the company with offices in Addison and Euless.
Prosecutors say the case involved the sale of insured health care benefit programs with promises of big returns based on high management fees and securing more investors.