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U.S. markets recover from steep losses
LOUISVILLE, Ky., July 1 (UPI) -- Kentucky businessman David Rose is prepared to plead guilty to fraud charges related to more than $100 million in investor losses, one of his attorneys said.
Rose will plead guilty to fraud and tax evasion charges and is working on a plea agreement with prosecutors, attorney Scott Cox said.
Cox said the sentence will include time in prison.
Prosecutors claim Rose, a former car dealer, who founded Robo Enterprises, lied to investors about the size of risks and returns in Robo, an oil and gas development business.
Indictments said Rose claimed to have contracts with several large oil companies, including Texaco and Citgo, which turned out to be false.
Ninety-five percent of the investors' money has been lost, The (Louisville) Courier-Journal reported Wednesday.
Rose could have faced 440 years in prison and $5.5 million in fines. However, the case has "worn him out financially and been hard on his family," Cox said.
"He wants to put it behind him," the attorney said.
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