The FastLife allegations: Prosecutors accused Wasserman and an accountant, Kenneth Rossman, of persuading Wasserman’s shoppers to give up annuities or borrow towards money worth life insurance coverage insurance policies to spend money on FastLife, concealing details about Wasserman’s background, failing to warn the traders of the prices related to what they had been doing, and utilizing accounting methods to mislead the traders about FastLife’s efficiency.
Wasserman used “a major quantity of the victim-investors’ cash to finance a lavish way of life” that included cash spent on a seashore home, Tampa Bay Lightning tickets, jet skis and playing.
Wasserman’s response: Wasserman asserts in a sentencing memorandum that he’s a real first-time offender, with no prior convictions, and that the fraud offenses had been the results of his efforts to begin a respectable enterprise.
The federal government’s displays present that FastLife spent at the very least $7.9 million on business-related bills, together with $215,000 spent on superstar sponsorships, $2.5 million spent on promoting and $667,105 spent on funds to traders, in keeping with the memorandum.
Wasserman says he “merely doesn’t deserve the identical punishment as somebody who got down to fully swindle victims into investing in a non-existent endeavor.”
Wasserman has additionally maintained, in different motions, that extra consideration ought to have been paid to Rossman’s psychological state when Rossman was testifying towards Wasserman and that prosecutors didn’t acknowledge when accusing him of tax evasion that he had paid $500,000 of the quantity owed to the IRS.
Decide Charlene Edwards Honeywell has denied Wasserman’s motions in search of a brand new trial based mostly on prosecutors’ descriptions of Wasserman’s tax obligations.
Justice of the Peace Decide Sean Flynn has denied a request by Wasserman that he be allowed to train exterior his dwelling, partly due to issues about “possible trigger to imagine he dedicated a felony whereas on pretrial launch in making an attempt to tamper with a witness,” in keeping with a order posted Tuesday.
Wasserman has asserted that he wants train exterior as a result of he has been identified with Stage 2 kidney illness and lives in a small dwelling, however “the courtroom … is conscious of a myriad of cardiovascular workout routines that could be carried out at dwelling with no tools and minimal house,” in keeping with the order. “Whereas Wasserman might favor to stroll in his neighborhood, this desire doesn’t justify modifying the circumstances of his launch.”
Phillip Roy Wasserman. Credit score: Justice Division