Richard E. McDonald, former president of World Health Alternatives, Inc., a Pennsylvania medical billing and staffing firm, has pleaded guilty to a $41 million securities fraud scheme, according to WYTV News in Pennsylvania.
Prosecutors say McDonald pleaded guilty on Friday to five counts including wire fraud, securities fraud, false statements, failure to pay payroll taxes and income tax evasion, WYTV reported. Authorities say shareholders lost $41 million because of McDonald’s conduct. He could face a total sentence of up to 70 years in prison, a fine of $10,750,000 or both, according to WYTV.
Sentencing is scheduled for Aug. 17.