Two Sarasota-Bradenton Area Men Charged for Alleged Ponzi Scheme
From the Desk of Jim Eccleston at Eccleston Law LLC:
In connection with an alleged $6.3 million Ponzi scheme, Phillip Roy Wasserman and Kenneth Murry Rossman (collectively, “Defendants”) have been charged by federal prosecutors with mail fraud, wire fraud, and conspiracy to commit wire and mail fraud. Defendants are alleged to have targeted elderly individuals and convinced those individuals to liquidate traditional investments in order to invest in “FastLife,” an insurance venture by Wasserman. Wasserman and Rossman are alleged to have made fraudulent misrepresentations and to have concealed material information when soliciting investments in FastLife.
According to federal prosecutors, Defendants used investor funds to make payments to other FastLife investors, as well as to make payments to investors in Wasserman’s hedge fund and real estate fund ventures. Additionally, Wasserman is alleged to have used large amounts of investor money for personal expenses, including luxury real estate, vehicles and gambling. Rossman is also alleged to have been paid a percentage of the investor funds. Wasserman and Rossman were notified that the government will be seeking a money judgment of at least $6.3 million.
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