A man who allegedly impersonated an FBI agent in connection with a $40 million Folsom Ponzi scheme has been sentenced.

On Sept. 7, U.S. District Judge John A. Mendez sentenced Michael David Sanders, 43, of Fair Oaks, to two years of probation and 180 days of home confinement for conspiring to impersonate an FBI agent. Sanders pleaded guilty Feb. 19.

Co-defendants Craig Anderson, 41, of Chicago; Sean Smartt, 42, of Sacramento; and Cassandra Moore, 27, of Beverly Hills, were previously sentenced. Anderson and Smartt were sentenced to two years of probation and 180 days of home confinement. Moore was sentenced to two years of probation.

Sanders and the co-defendants were attempting to recoup money they lost in a Ponzi scheme allegedly carried out by Anthony Vassallo. On March 8, 2009, the group allegedly stormed into Vassallo’s Folsom office suite where a meeting was taking place with three hedge-fund operators and two others.

The defendants allegedly dressed as law enforcement personnel complete with bullet proof vests, ear pieces, fake credentials, hand cuffs and badges.

According to court documents, Sanders and Anderson announced they were with the FBI and the U.S. Security and Exchange Commission.

In their guilty pleas, the defendants admitted to creating an environment that was intimidating and causing the individuals to believe that they were not free to leave. Anderson told the hedge fund operators that they had until noon on Monday, March 9, 2009, to wire $378,300.16 to a Patelco Credit Union bank account in the name of the “Spirit Foundation” and to send an e-mail confirmation to an e-mail address they provided. No money was ever turned over to the defendants.

This case was investigated by the FBI and the IRS-Criminal Investigation division. Assistant U.S. Attorney Robin R. Taylor prosecuted the case.

~ Staff report