SACRAMENTO, California — Michael Andrew Scott, a 38-year-old from Fair Oaks, has pleaded guilty to wire fraud, U.S. Attorney Phillip A.
Talbert announced. Scott admitted to defrauding investors in his company, Trusted Medical Partnership, between June 2018 and June 2022. According to court documents, Scott falsely claimed that he or his company had received purchase orders from health care providers for medical devices but lacked the capital to fulfill them.
He solicited loans from investors, promising substantial returns with zero risk. However, the purchase orders were either fabricated or altered, and Trusted Medical Partnership was not a legitimate business, having been suspended in December 2021. Scott used the funds for gambling, personal expenses, and to pay previous investors, defrauding more than 10 victims of between $250,000 and $550,000, according to the Federal Bureau of Investigation.
Assistant U.S. Attorney Dhruv M.
Sharma is prosecuting the case. Scott is scheduled to be sentenced by U.S.
District Judge Kimberly J. Mueller on January 14, 2025. He faces a maximum penalty of 20 years in prison and a fine of $250,000 or twice the gross gain or loss.
Scott has also agreed to pay restitution of between $338,843 and $550,000 to his victims. The final sentence will be determined by the court, considering statutory factors and Federal Sentencing Guidelines..