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CPA Guilty in Investment Scam

A Bradenton, Fla.-based  CPA has pled guilty to his part in a scam that defrauded elderly investors. Kennedy Murry Rossman, 63, admitted to the scheme in which a co-conspirator spent investors’ money on  luxury residences, high-end vehicles, jet skis, jewelry and personal celebrity entertainment.

Rossman, who received a percentage of the proceeds of the scam, faces a maximum of eight years in federal prison after pleading to conspiracy to commit wire fraud and mail fraud and aiding and assisting in the preparation and filing of a false income tax return. Victims lost more than $6.3 million.

Rossman admitted he conspired with  Phillip Roy Wasserman, a former lawyer and licensed insurance agent, in convincing victims to put their money into Wasserman’s new insurance venture, “FastLife”.  Some were persuaded to liquidate traditional investments, such as annuities, and/or to borrow funds against existing life insurance policies and were not told about surrender fees and other costs associated with liquidations

Rossman then prepared income tax returns, concealing negative personal tax consequences for the victims. 

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