In August 2023, Coleman was charged by information with four counts of wire fraud arising from the scheme and he pleaded guilty that September. Of the $72 million, Coleman only used approximately $10.9 million to buy insurance companies. He used the remaining $61 million to pay for personal expenses, business debts, and other companies that he owned and controlled. In sum, Coleman used most of Lender #1’s money to repay earlier investors whose money he misappropriated. In total, the defendant received approximately $47.6 million from Lender #2.