Sentencing for Phillip Roy Wasserman, the self-styled “Annuity King” convicted on fraud prices, was postponed till Oct. 5.
Wasserman had been scheduled for sentencing Wednesday, with the federal government recommending a jail time period of 324 to 405 months. As an alternative, Choose Charlene Edwards Honeywell granted Wasserman’s movement for a continuance in order that 4 out-of-town witnesses can testify on his behalf.
Wasserman was convicted Could 15 on 9 felony counts. The three most critical – wire fraud, mail fraud and conspiracy to commit wire and mail fraud – all carry most sentences of 20 years.
In the meantime, the choose has but to rule on Wasserman’s movement to refer authorities prosecutors for felony prosecution.
“Defendant has been disadvantaged of his civil rights, extra particularly, his Fifth Modification proper to due course of and his Sixth Modification proper to confront witnesses in opposition to him,” Wasserman’s movement reads.
In its presentencing movement, the federal government claims that Wasserman badgered authorities investigators and made a number of unsuccessful makes an attempt to get victim-investors to make unfaithful allegations in opposition to investigators.
“The defendant has additionally despatched numerous emails to the brokers themselves and to the prosecutors accusing the investigators of misconduct—oftentimes, within the crudest of phrases,” the report reads.
Extra prices to come back
The federal government claims Wasserman, 66, with Kenneth Rossman, lied and hid info to persuade aged victim-investors to place their cash into Wasserman’s life insurance coverage enterprise referred to as, “FastLife.”
The federal government claims the fraud totaled $6.3 million, cash it seeks to gather from each males. There are tax prices as nicely for the person who referred to as himself the “Annuity King” in central Florida promoting.
“The proof additionally established that Wasserman took quite a few affirmative steps to evade cost of greater than $900,000 in taxes due and owed,” U.S. Legal professional Roger B. Handberg, representing the Center District of Florida, has mentioned.
Wasserman’s trial on tax evasion is ready to start Oct. 30.
Regardless of going through a sentencing vary of 30 to 37 months, Rossman was sentenced to probation final month. He pleaded responsible to at least one rely of conspiracy to commit mail fraud and wire fraud, and one rely of “aiding and helping the preparation and submitting of fraud and false tax returns” in a plea take care of the federal authorities.
In its presentencing report, the federal government defended in search of a stiff sentence for Wasserman whereas supporting Rossman’s gentle punishment. Rossman cited a bipolar dysfunction in arguing for a lighter sentence.
Wasserman “was the architect, organizer, and chief of a big fraud scheme,” the report states. “He managed FastLife from begin to end, from prime to backside—directing each side of the offense conduct from who to pitch to take a position, to what representations to make and which
information to hide, to which distributors to contract with and promoting to buy, to
which payments to pay and when and which to not pay, to how proceeds could be spent
to complement his life-style and that of his relations.
“He defrauded 32 victim-investors, inflicting them to undergo practically $6 million in internet losses—in some cases, substantial monetary hardship—in addition to vital emotional misery.”
InsuranceNewsNet Senior Editor John Hilton coated enterprise and different beats in additional than 20 years of day by day journalism. John could also be reached at [email protected]. Observe him on Twitter @INNJohnH.
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