published: Wednesday, October 31, 2012
Local physician sentenced for fraud
By BARRY FOSTER
SEBRING - A Highlands County physician has been sentenced to federal prison for stealing more than $1.2 million dollars in employee pension funds.
Dr. Albert Robert Massam was sentenced Monday at federal court in Miami on charges of theft of federally protected pension funds. The 69-year-old orthopedic surgeon previously had pled guilty to misappropriating the money.
U.S. District Judge Jose E. Martinez sentenced Massam to 24 months in prison, followed by two years of supervised release. In addition, Massam was ordered to pay $147,478 in restitution to the fund participants and a $50,000 fine.
Massam had been indicted in September 2011 on counts of pension fund theft, money laundering and making a false statement to federal investigators.
According to court documents, Massam diverted $1.2 in pension fund money to a European bank in Austria. Prosecutors charged he then used the funds for his medical practice, operating and living expenses as well as a divorce.
"This case reaffirms the Labor Department's commitment to protect workers' benefits by identifying criminal activity wherever and whenever it occurs," said Isabel Colon, regional director of the Employee Benefits Security Administration's Atlanta Regional Office and the Miami District Office.
Massam had pleaded guilty to the counts earlier this year.
massam (by: donquijote - 11/1/2012)
He stole $1.2 million and how come the court only asked him to pay $147.478 in restitution? .
Well said (by: Shutt - 11/1/2012)
I couldn't have said it better, FindeRat97. lol
Massam (by: Alan - 10/31/2012)
I would guess that there is a little more than $1 million still in the account & that the court has attached that to return to the employees. Massam's restitution would bring the amount back up to the amount stolen.
Guilty (by: finderat97 - 10/31/2012)
WOW, in 4 years he is out with $1 million dollars. Stole 1.2 mil pays out approx .2 mil he has 1 million left. And crime doesn't pay.
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