A California life insurance agent is facing 100 criminal counts for allegedly running a pyramid scheme that defrauded customers out of an estimated $6.3 million.

William A. Sassman, of Sacramento, is facing up to 20 years in prison on 43 felony counts of grand theft, 40 felony counts of selling unauthorized securities, 16 felony burglary counts and one count of using a device, artifice or scheme to defraud. He was being held on $3.2 million bail.

A joint investigation by the California departments of Insurance and Justice estimated total losses from the alleged five-year scheme at $6.3 million. More than half of the 35 known victims were senior citizens, Insurance Commissioner Steve Poizner said. The probe is still ongoing.

The state Department of Corporations issued a "desist and refrain" order in February 2006. The insurance department said Sassman used several company names, including Formulating Insurance Agency LLC, to sell unauthorized securities. He allegedly convinced clients, using misrepresentations, to invest funds in ventures that failed, while keeping most of the funds for himself.

In another case, the owner of two San Diego insurance businesses received a sentence of 365 days of work furlough and five years' probation and was ordered to pay almost $25,000 in restitution after pleading guilty to two felony counts of grand theft. According to the insurance department, Louise May Batchelor -- who sold automobile, liability, workers' compensation and other products -- pocketed premiums and issued false insurance certificates. In an earlier case, Batchelor had pleaded guilty to a separate charge of grand theft for stealing insurance premiums from four business owners and issuing false certificates.