Pleading guilty in one of Sacramento's biggest fraud cases in years, a Folsom man admitted Friday he ran a Ponzi scheme that cost investors nearly $45 million.
Anthony Vassallo, 33, pleaded guilty to a single fraud charge in connection with his defunct investment firm, Equity Investment Management and Trading Inc. The firm was shuttered by authorities shortly before Vassallo's arrest in March 2009.
Although Vassallo faces a maximum 20 years in prison, prosecutors agreed to recommend a 16-year sentence, according to court papers. Sentencing is set for May 3 in U.S. District Court in Sacramento.