Sacramento, Calif.-based insurance agent William Arthur Sassman has been arrested, accused of running a multi-million dollar Ponzi scheme.
Authorities contend Sassman fleeced investors in order to bankroll his lavish lifestyle. The charges against Sassman include 43 counts of grand theft, 40 counts of misrepresentation or omission in the sale of a security, 16 counts of first-degree burglary and one count of use of a device, scheme or artifice to defraud in the sale of a security. If convicted of the charges, Sassman faces up to 52 years behind bars.
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