Sarasota's self-proclaimed 'Annuity King' could have bail revoked over GoFundMe donations
Sarasota's self-proclaimed "Annuity's King" said he will be appearing in court on Wednesday to discuss his right to have a GoFundMe account soliciting donations to help pay for legal fees during his appeals process.
Phillip Wasserman, 67, was sentenced on Jan. 31 to 15 years in federal prison followed by three years supervised release after he was found guilty in May on multiple counts of wire fraud and mail fraud, as well as conspiracy to commit wire and mail fraud. Wasserman also pleaded guilty to evasion of payment of income taxes.
Wasserman is out on bond but is expected to surrender to the U.S. Marshals by 2 p.m. on Feb. 23 to be escorted to a federal prison to begin his sentence. The hearing Wednesday is regarding the government seeking to revoke Wasserman's bond, according to Wasserman.
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"The government now seeks to revoke defendant’s bond, based upon the ludicrous allegation that setting up a GoFund Me page seeking donations for legal appellate fees is a soliciting or selling of investments," Wasserman stated in a response he said would be filed Friday.
Wasserman filed an appeal just two days after his sentencing and started a GoFundMe page for donations to pay for legal fees he will incur during the appeals. Wasserman confirmed over the phone Friday that he took down the GoFundMe page while awaiting the hearing.
A public affairs specialist with the U.S. Attorney's Office for the Middle District of Florida on Friday said they have no other details about the hearing other than what is provided on the docket, which includes the time, date, and that the hearing is for a Show Cause order. The specialist added that the prosecutors will be prepared to respond to whatever comes from the hearing.
Wasserman, a former lawyer and licensed insurance agent, was indicted in June 2020 by a federal grand jury for running a "fraudulent insurance venture" called FastLife that included Ponzi-style payments from elderly, retired investors that funded his lavish lifestyle, including a beach house on Casey Key, Tampa Bay Lightning season tickets, jet skis, and luxury cars.
He also operated investment businesses, including Phillip Roy Financial Consultants and Phillip Roy Financial Services, in the Sarasota area for years before FastLife and billed himself as the "Annuity King" in promotional materials. He organized investment seminars attended by thousands of seniors in Florida.
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As part of his sentence, Wasserman must also pay approximately $6.8 million in restitution, including more than $5.9 million to victim-investors and more than $903,000 to the IRS. Honeywell also entered a forfeiture of approximately $6.3 million as a penalty meant to further punish. Wasserman also effectively lost his license to be able to market insurance, thus rendering him without a job.
In an email to the Herald-Tribune, Wasserman said the government complained to a pretrial officer about the donations page, thus leading to the hearing on Feb. 14.
In his response, Wasserman focused on three issues: whether the request for donations for legal fees is soliciting investments or selling investments, whether Wasserman has a constitutional First Amendment right to solicit donations, and whether the government's actions go against his right to be able to defend himself in the legal process.
Beyond working on an appeal, Wasserman also has a civil lawsuit against the government and the Department of Financial Services, which has a tentative trial date set for next year.
In total, the GoFundMe page has raised $410 from nine donations — eight from friends and one from his wife — for the few days that the page was live. All nine donations are in the process of being returned by GoFundMe.
Gabriela Szymanowska covers the legal system for the Herald-Tribune in partnership with Report for America. You can support her work with a tax-deductible donation to Report for America. Contact Gabriela Szymanowska at gszymanowska@gannett.com, or on X: @GabrielaSzyman3.
This article originally appeared on Sarasota Herald-Tribune: Court hearing scheduled in Phillip Wasserman case over GoFundMe donations
