Two executives at Dallas medical insurance firm accused of running a $10 million Ponzi scheme
Federal prosecutors and securities regulators have accused two Dallas executives of a medical insurance company of operating a $10 million Ponzi scheme involving at least 80 investors.
The complaint by the Securities and Exchange Commission was filed today, along with a criminal charges filed by the U.S. Attorney’s Office for the Northern District of Texas.
According to the SEC complaint, Duncan J. MacDonald III and Gloria Solomon solicited investments for Global Corporate Alliance by falsely promoting the company as a proven business with strong revenue. In reality, the business was a startup with no operating history and virtually no sales, the SEC complaint alleges.
The two created fake monthly statements to support their claims that GCA was a thriving health insurance company. The two solicited investments between 2008 and 2011.
More at http://bizbeatblog.dallasnews.com/2013/06/two-executives-at-dallas-medical-insurance-firm-of-running-a-10-million-ponzi-scheme.html/ .
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Instead of spending money on health care for people that struggle, we waste our resources on investigators, prosecutors, judges and supporting the private prison corporations instead. 
Then the capitalist gripe about the redistribution of wealth under socialism. 
If they are found guilty, then expect these CEOs to spend a minimal amount of time in a Club Med prison facility.
