Sarasota Man Sentenced to 15 Years in Prison for Role in $6 Million Investment Scam

Phillip Roy Wasserman, of Sarasota, a former lawyer and insurance agent, was sentenced to 15 years in prison on charges of conspiracy to commit wire and mail fraud as well as evasion of payment of income taxes. As part of his sentence, the court order him to forfeit $6,318,299.75. The sentencing follows a jury verdict.

In July of 2021, Kenneth Murry Rossman, Wasserman’s co-defendant and a former CPA, pled guilty to conspiracy to commit wire fraud and mail fraud as well as aiding and abetting the preparation of a false and fraudulent income tax return in connection with the scheme. Rossman received a sentence of five years’ probation in July 2023.

Wasserman and Rossman solicited their elderly insurance clients to invest in the development of Fastlife, an internet-based life insurance company. They raised more than $6,000,000 from more than 30 investors by promising a 10 - 12 percent guaranteed annual return. Wasserman and Rossman made false promises to victims that their funds would be used towards Fastlife’s overall business development. The investigation revealed Wasserman and Rossman used victims’ money to fund lavish personal lifestyles.

This case was investigated by the OFR and the IRS Criminal Investigation and was prosecuted by the U.S. Attorney’s Office in Tampa. 

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