California: Ponzi Schemer Faces 52 Years for Real Estate Fraud

A Sacramento insurance agent who looted the life savings of dozens of investors to bankroll his lavish lifestyle and prop up a multi-million dollar Ponzi scheme was arrested at his residence on a total of 100 counts that include grand theft and first-degree burglary. If convicted, he faces up to 52 years in prison... William Arthur Sassman, 41, is being held in the Sacramento County Jail and bail has been set at $3.2 million.

Over the past decade, Sassman used four companies - InTex, LLC; Formulating Insurance Agency (FIA); Formulating Investments (FI); and Systematic Management Services (SMS)-to solicit investments ranging from approximately $10,000 to $500,000 from more than 50 individuals across Northern California and beyond...

UPI: Ponzi Schemer Faces 52 Years for Real Estate Fraud