SARASOTA, Fla. (WWSB) - Two Suncoast men are facing charges of allegedly creating a bogus investment that targeted senior citizens out of their savings.
Phillip Wasserman of Sarasota and Kenneth Rossman of Bradenton are charged with conspiracy to commit wire fraud and mail fraud.
According to an indictment, the two men made fraudulent misrepresentation in order to convince investors to put money into Wasserman’s new insurance venture called “Fast Life.”
The money was used to purchase a luxury home, vehicles and shopping sprees.
The state is seeking more than six million dollars be returned.
If convicted, the duo could face 20 years in prison.