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Resource ID: #24613
Subject: Fraud
Source: WHAS-TV (Louisville, Ky.)
Affiliation: 
Date: 11/19/2009

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Description

For years, David Rose ran a complex boiler room scam operation that collected millions of dollars from victim investors under the veneer of a fossil fuel extraction enterprise. No such drilling operations were underway, and the scam defrauded millions from victims only to fund Rose's personal ventures such as "Future Happiness, LLC," Rose's private collection of luxury vehicles. Perhaps the most shocking of all is the short 52 month sentence Rose will receive. WHAS-TV outlines the governments failure to adequately find and prosecute investor fraud schemes, especially while his sons appear to be reengaging parts of the business while sending their father $500,000 a year in "consulting fees." Official have yet to act on this news, but WHAS-TV hopes to educate future investors on criminal companies.

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