A woman who once worked behind the scenes on true-crime television shows is now at the center of a real-life federal investigation.
According to the Federal Bureau of Investigation, 73-year-old Mary Carole McDonnell has been added to its most wanted list for her alleged role in a years-long financial fraud scheme (1).
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Investigators say she posed as a wealthy heiress tied to the McDonnell Aircraft family and used that identity to secure massive loans from banks.
Federal authorities allege that between July 2017 and May 2018, McDonnell fraudulently obtained approximately $14.7 million from Banc of California, along with more than $15 million from other financial institutions in Southern California. She allegedly claimed she had access to a “secret” $80 million trust fund and would soon repay the loans, money the FBI says she was never entitled to and has not paid back.
The McDonnell Aircraft Corporation was an aerospace manufacturing company founded in 1939 by James Smith McDonnell. It was known for developing jet engines for the U.S. Navy and for collaborating with NASA. The company later merged with Boeing. Mary Carole McDonnell is not, according to the FBI release, associated with the family that owned McDonnell Aircraft Corporation.
McDonnell is believed to be in Dubai, and anyone with information about her whereabouts should contact their local FBI office or the nearest U.S. Embassy or Consulate (4). The impact of her alleged crimes is a cautionary tale for banks.
At first glance, McDonnell’s alleged scheme may seem like a cautionary tale limited to banks, institutional lending and high-net-worth deception. But fraud experts say the mechanics of the case are strikingly familiar and increasingly relevant to everyday consumers.
The allegations show how perceived wealth, social status and insider access can be used to disarm even cautious financial institutions. By presenting herself as a well-connected heiress with access to a massive trust fund, McDonnell allegedly created a sense of inevitability. The money was coming, repayment was assured and questioning the story risked missing out or insulting someone powerful.