Former Insurance Agent In Florida Gets 15 Year Prison Sentence In White Collar Fraud Case
On February 2nd, 2024, the Florida Record reported that a federal district court judge in Central Florida has sentenced Phillip Roy Wasserman to serve 15 years in state prison. Mr. Wasserman was convicted of carrying out a complex white collar fraud scheme, involving investment fraud, wire fraud, and tax fraud. He was also ordered to pay more than $6 million in total financial penalties. Below, our Orlando white collar criminal defense attorney discusses the charges and the sentence.
The Allegations: Former Insurance Agent Swindled Elderly Investors
Phillip Roy Wasserman is a former licensed attorney and registered insurance agent in Florida. He was convicted of devising an investment fraud scheme that was targeted at elderly and otherwise vulnerable individuals. The investment venture was called “Fastlife.” Mr. Wasserman and a co-conspirator were accused of making material misrepresentations and material omissions of fact in order to entice unsuspected investors.
Prosecutors determined that Mr. Wasserman encouraged investors to liquidate insurance benefits or borrow against their policies to invest in the venture. However, they did not disclose associated fees or tax implications. Prosecutors found that Mr. Wasserman misappropriated the investments for personal extravagance and made Ponzi-style payments to previous investors in order to keep the scheme afloat. The fraud scheme reportedly financed Mr. Wasserman’s luxurious lifestyle.
Prosecutors Brought Many White Collar Criminal Charges
As with many white collar cases, prosecutors brought an array of criminal charges against Mr. Wasserman. Here was eventually convicted by a federal court in Florida of the following three felony criminal offenses:
- Wire Fraud: Wasserman was convicted of wire fraud for using electronic communications to execute a scheme that defrauded investors by making false promises and misrepresentations about the FastLife venture. Wire fraud is the improper use of digital and telecommunication for unlawful fraudulent purposes.
- Mail Fraud: The mail fraud conviction stems from Wasserman’s use of the postal system to distribute fraudulent materials and communications to investors. Mail fraud can be charged if the USPS is used or if a private carry (UPS, FedEx, etc) is used.
- Tax Evasion: Tax evasion charge relates to his deliberate underreporting of income and the orchestration of financial transactions to avoid paying taxes on the illicit gains derived from his fraudulent activities. It is a felony federal offense.
The defendant has been sentenced to 15-years in state prison. Additionally, he will also pay more than $6.3 million in financial damages, including restitution and disgorgement.
Contact Our Orlando, FL White Collar Criminal Defense Lawyer Today
At The Baez Law Firm, our Orlando, FL white collar criminal defense attorney is devoted to providing high-level, solutions-focused guidance and support to clients. If you or your loved one is facing an insurance fraud charge or any other type of fraud charge, we can help. Contact our Orlando office today to set up your completely confidential consultation. Our firm handles white collar criminal cases in Orange County and all across Central Florida.
Source:
floridadaily.com/insurance-agent-sentenced-to-15-years-in-federal-prison-for-defrauding-elderly-investors-and-tax-evasion/
