Dallas Medical Insurance Company Executives Charged with Fraud

Dallas medical insurance executives Duncan MacDonald and Gloria Solomon have been charged with fraud by the Securities and Exchange Commission.

Documents reviewed by securities attorneys Jason Kane and Joe Peiffer indicates the two executives were accused of orchestrating a $10 million fraudulent investment scheme that victimized more than 80 investors nationwide.

Duncan MacDonald and Gloria Solomon perpetrated their alleged scheme through Global Corporate Alliance (GCA), a company they promoted to investors as a well-established business with a proven track record, according to regulatory documents reviewed by attorneys Kane and Peiffer.

In reality, GCA was a start-up with no operating history and its sales did not come anywhere near the supposed revenues the two executives shared with prospective investors, according to the regulators’ complaint.

To maintain the illusion of success and attract more investments, MacDonald and Solomon used money from new investors to pay profits to earlier investors, in Ponzi scheme fashion, according to the complaint.  Eventually, their scheme collapsed when they became unable to attract new investors and make distribution payments to existing investors, charged the regulators.

Of the $10 million MacDonald and Solomon raised from investors, $2 million was returned in the form of distribution payments and the rest appears to have been lost or stolen, according to regulators.

Separately, Duncan MacDonald and Gloria Solomon were criminally charged by the US Attorney’s office.

Securities attorneys Jason Kane and Joe Peiffer are investigating the Global Corporate Alliance alleged scheme and preparing to take action on behalf of victimized investors.  Investors in GCA or other “investment opportunities” promoted by MacDonald and Solomon may contact attorneys Jason Kane and Joe Peiffer for a free case evaluation and discussion of recovery options  585-310-5140.

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Peiffer Wolf (1300 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.