‘Annuity King’ prepares appeal from conviction, 15-year prison sentence

Image shows the words "Annuity King" and a crown. — Phillip Roy Wasserman is appealing his conviction and sentence.

By John Hilton

Phillip Roy Wasserman is expected to file an appeal today from his fraud conviction and 15-year prison sentence.

Wasserman is appealing to the Court of Appeals for the Eleventh Circuit "the denial of his motion for new trial and amended motion for new trial, the judgment and sentence, and the denial of all other orders in this case."

The self-styled "Annuity King," Wasserman was sentenced to 180 months behind bars Wednesday and must turn himself in on Feb. 23. Judge Charlene Edwards Honeywell's decision bars Wasserman from working in the insurance industry.

"Since he will be incarcerated, Mr. Wasserman has requested the assistance of a Criminal Justice Act (CJA) counsel to represent him on appeal," Wasserman's appeal reads.

Wasserman was convicted May 15 on nine felony counts. The three most serious – wire fraud, mail fraud and conspiracy to commit wire and mail fraud – all carried lengthy prison terms. The self-styled "Annuity King" in Florida promotions, Wasserman ran a fraud totaling $6.3 million, the government alleged, money it seeks to recover.

In a separate order Wednesday, the judge granted the government's motion for forfeiture of more than $6.3 million from Wasserman. The government can go after Wasserman's property to satisfy that amount, the ruling states.

The government claims Wasserman, 67, with Kenneth Rossman, lied and concealed information to convince elderly victim-investors to put their money into Wasserman’s life insurance venture called “FastLife.”

Rossman testified against Wasserman and was sentenced to probation.

InsuranceNewsNet Senior Editor John Hilton covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.