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Sacramento Man Accused Of Ponzi Scheme

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Nov 16, 2009 9:02 pm US/Pacific

Sacramento Man Accused Of Ponzi Scheme

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SACRAMENTO (CBS13) ― Authorities have arrested a Sacramento man for allegedly heading a multi-million dollar Ponzi scheme that funded his lavish lifestyle.

The California Attorney General announced Monday the arrest of Sacramento resident William Sassman, 41, for allegedly bilking $7.5 million from investors, many of whom were retired seniors.

According to authorities, Sassman used four companies to solicit investments ranging from about $10,000 to $500,000 from more than 50 investors across Northern California. He allegedly promised his victims high returns on business and real estate investments, but used the money to fund an excess lifestyle.

"The guy drove a new car every six months," said one neighbor who did not wish to be identified. "He has two homes in Arden Park."

Sassman is facing 100 charges relating to the alleged Ponzi scheme. If convicted, Sassman faces up to 52 years in prison.

(© MMX, CBS Broadcasting Inc. All Rights Reserved.)

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