Federal Prosecutors Allege Florida Attorney And CPA Charged Swindled Frail Old People Out Of $6.2 Million
Federal Prosecutors have indicted Florida attorney Phillip Roy Wasserman and CPA Kenneth Murry Rossman with a plethora of white-collar crimes.
The government has charged them with conspiracy to commit wire fraud and mail fraud. In addition, the government has charged them with wire fraud and mail fraud.
Federal prosecutors are also seeking restitution of $6.2 million.
Wasserman and Rossman each face a maximum penalty of 20 years in federal prison.
Wasserman is a former lawyer and licensed insurance agent. Rossman is a Florida certified public accountant and licensed insurance agent.
The indictment states the pair conned elderly victim-investors to invest in Wasserman’s new insurance venture called “FastLife.”
Victims were persuaded to liquidate investments or borrow funds against existing life insurance policies to invest in the venture.
Wasserman and Rossman also failed to tell the investors about the surrender fees and other costs associated with the liquidations. In addition, Rossman prepared bogus income tax returns for victim-investors that concealed negative personal tax consequences from the liquidations.
Wasserman paid Rossman a percentage of the victim-investors’ money as compensation for his role in the conspiracy. Wasserman also used victim-investors’ money to make payments to earlier victim-investors in the FastLife venture. In addition, Wasserman used the funds to pay victim-investors in his earlier hedge fund and real estate fund ventures.
Wasserman spent a significant amount of the victim-investors’ money to finance a lavish lifestyle. A lifestyle that would make even Robin Leach blush. Wasserman spent his clients’ money on luxury residences and high-end vehicles. He also owned a fleet of jet skis and a closet full of jewelry.
Wasserman also liked to blow through wads of cash by entertaining his friends and gambling. He and his wife also loved retail shopping.
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