Sacramento Insurance Agent Sentenced 18 Years for Ponzi Scheme

William A. Sassman, 42, of Sacramento has plead guilty to 13 felony counts of grand theft in a ponzi scheme that he was arrested for last year, the California Department of Insurance reported. Sassman has been in custody at the Sacramento County Main Jail since his arrest on Nov. 16, 2009. Initially, he was arrested on 100 counts including felony grand theft, burglary charges and one additional count of using a scheme to defraud. He faces 18 years in prison and $4.3 million in restitution.