Sacramento man accused of running $4M Ponzi scheme
November 18, 2009
SACRAMENTO, Calif. – A Sacramento man has been arrested on charges that he ran a Ponzi scheme that defrauded investors of at least $4 million.
Forty-one-year-old William Sassman II was taken into custody Monday. He faces 100 counts, including grand theft and misrepresentation or omission in the sale of a security.
State Attorney General Jerry Brown says Sassman ran the Ponzi scheme for at least five years with more than 50 investors, many of them elderly. He allegedly convinced some to invest as much as $500,000.
Brown says Sassman pocketed most of the money; court records show he owned a Ferrari and three homes.
Investigators say Sassman did make some investments, but mostly in other scams including a larger Ponzi scheme.
Sassman’s attorney, William Portanova, says his client plans to plead not guilty to the charges.