By Dale Kasler
dkasler@sacbee.com
Three people have pleaded guilty to a bizarre strong-arm scheme to recover money for victims of an alleged $40 million Ponzi ring in Folsom.
But the alleged leader of the strong-arm operation, Michael David Sanders, continues to maintain his innocence and is set to go to trial March 1 in U.S. District Court in Sacramento.
Prosecutors said the foursome walked into a Folsom office last March, equipped with badges, handcuffs and bulletproof vests, and began intimidating three men who were associated with the alleged Ponzi scheme. Saying they represented the FBI and the Securities and Exchange Commission, the four demanded the return of exactly $378,300.16 belonging to investors, according to prosecutors. At least two of the four were carrying guns.
Prosecutors have said they believe the four were sincere in their efforts to recover money on investors' behalf. Their demands were unmet
Craig Anderson, 39, of Chicago, pleaded guilty last week to conspiracy to impersonate an officer. Cassandra Moore, 26, of Beverly Hills, and Sean Smartt, 41, of Sacramento, pleaded guilty to unlawfully possessing false documents.
The three are to be sentenced in April. Anderson could get up to five years in prison; Smartt and Moore could get up to one year.
A couple of days after their visit, federal officials obtained a court order shutting down a Folsom company called Equity Investment Management and Training Inc. The firm's principal, Anthony Vassallo, has pleaded innocent to multiple fraud charges in connection with the alleged Ponzi operation.
Call The Bee's Dale Kasler, (916) 321-1066.
Previous coverage:
Alleged anti-Ponzi vigilante is enigmatic - Jun. 7, 2009
Charges say 4 tried to intimidate Ponzi suspect - May. 23, 2009
Alleged leader in Folsom Ponzi scheme freed on bail - April 3, 2009
$40 million Ponzi swindle in Sacramento area alleged; two arrested - March 21, 2009


About Comments
Reader comments on Sacbee.com are the opinions of the writer, not The Sacramento Bee. If you see an objectionable comment, click the "report abuse" button below it. We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. Flagrant or repeat violators will be banned. See more about comments here.