By Denny Walsh
A Folsom man, who robbed investors of peace of mind and more than $44.8 million through a classic Ponzi scheme, was sentenced Friday to 16 years in federal prison.
Anthony Vassallo, 34, who ranks among the Sacramento region's all-time premier fraudsters, raked in more than $80 million from more than 300 investors in less than three years. True to the age-old Ponzi tradition of robbing Peter to pay Paul, more than $55 million of that money was returned to investors to infuse them with a false sense of security and keep the scheme afloat.
U. S. District Judge Garland E. Burrell Jr. set a hearing for Aug. 23 to determine the amount of restitution Vassallo will be ordered to pay.
At Friday's sentencing, Burrell castigated Vassallo as "a liar" who visited "heart-rendering consequences" that his victims will live with for the rest of their lives.
Call The Bee's Denny Walsh, (916) 321-1189.