Soured Investment In Alleged $4M+ Ponzi Scheme Leads To Home Foreclosure For One Victim

In Sacramento, California, The Sacramento Bee reports:

• A Sacramento insurance agent [...] was accused of running a $4 million-plus Ponzi scheme, squandering the money on ludicrous investments while buying himself fancy cars and homes. Authorities said William Arthur Sassman II even invested customers' money with a Folsom man who has been charged with running a much larger Ponzi scheme. Sassman, 41, was arrested on 100 counts of theft and other charges.

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• One client, who wasn't identified, invested $200,000 in 2007, with the money supposedly going into a Mare Island real estate deal. She got $5,000 monthly payments for a while. But when she tried to cash out of the investment, Sassman told her the money had first gone into a certificate of deposit and then "had gone overseas," according to [California AG office's special agent Jason] Nichols. Sassman told the woman he had hired a lawyer to recoup her money. The woman eventually lost her home to foreclosure, Nichols wrote.

Source: Sacramento insurance agent accused of running Ponzi scheme.