Recent near-IR (NIR) and X-ray observations of Sagittarius A*'s spectrum have yielded several strong constraints on the transient energizing mechanism, justifying a re-examination of the stochastic acceleration model proposed previously for these events. We here demonstrate that the new results are fully consistent with the acceleration of electrons via the transit-time damping process. But more importantly, these new NIR and X-ray flares now can constrain the source size, the gas density, the magnetic field, and the wave energy density in the turbulent plasma. Future simultaneous multi-wavelength observations with good spectral information will, in addition, allow us to study their temporal evolution, which will eventually lead to an accurate determination of the behavior of the plasma just minutes prior to its absorption by the black hole.