Calif. AG: Man Looted Seniors' Savings
Sacramento Man Arrested In Ponzi Scheme
POSTED: Monday, November 16, 2009
UPDATED: 7:28 pm CST November 16,
2009
SACRAMENTO, Calif. -- A Sacramento man arrested in a Ponzi scheme took millions from investors and spent it on cars, homes and luxury items, according to California Attorney General Jerry Brown.William Arthur Sassman, 41, was arrested Monday on 43 counts of grand theft, 40 counts of misrepresentation or omission in the sale of a security, 16 counts of first-degree burglary and one count of use of a device, scheme, or artifice to defraud in the sale of a security, KCRA-TV reported.Many of Sassman's investors were senior citizens, according to the Attorney General's Office.Brown said Sassman, a licensed insurance agent, used four companies to get investments from more than 50 people in Northern California and other locales.Sassman convinced his investors to shift their savings from IRAs, annuities, life insurance accounts, 401(k) accounts and certificates of deposit to "high return" investments with his companies, Brown said.Many of the double-to-triple promised returns were not granted, Brown said, and Sassman instead used the funds to pay for his "his lavish lifestyle," including $1.1 million on his American Express card, $300,000 on cars, $75,000 at Polo Ralph Lauren and three homes."William Arthur Sassman solicited millions of dollars from California investors with promises of high returns on business and real estate investments," Brown said in a news release. "In reality, Sassman looted their savings to prop up a Ponzi scheme, so he could buy homes and Ferraris."The office said investors are still owed close to $4.4 million, and additional losses could reach $3 million.
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