After admitting guilt to stealing around $6 million over the course of roughly six years, a 74-year-old Orange County man faces 20 years in prison, according to information released by federal investigators on Monday.
The U.S. Attorney’s Central District of California Office released a news release stating that David Robert McDonnell, a Laguna Beach resident, owned and operated McDonnell Business Services, a business that acted as the executor of affluent people’s estates.
The 74-year-old allegedly took advantage of his wealthy customers between 2018 and January 2024 while serving as their trust executor, according to the prosecution.
Prosecutors claim that the 74-year-old exploited his wealthy customers between 2018 and January 2024 while serving as their trust executor.
“As an executor, McDonnell’s job was to manage the trusts’ assets and – when the individuals died – to sell the assets and distribute the proceeds to the trusts’ beneficiaries,” according to the release. “Instead of doing this, McDonnell liquidated the assets and diverted funds to his personal bank accounts.”
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In August 2020, McDonnell used a victim’s trust in Capistrano Beach to write himself a $300,000 cheque. Federal prosecutors claim that Bank of America processed the funds via a computer server located in Texas.
According to the announcement, McDonnel entered a guilty plea to one count of wire fraud and acknowledged in his plea deal that he had stolen roughly $5.9 million from four trusts.
The 74-year-old will have his sentencing hearing on December 9; at that point, a maximum 20-year sentence in federal prison may be imposed.
