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Certified financial planner scams folks out of thousands
Certified financial planner scams folks out of thousands
MILWAUKEE (WITI) -- When it comes to investing your hard-earned dollars, you need to be extra careful about who you trust -- even if you've known someone for years.
Marian was crushed to learn the man she had trusted for more than 15 years was actually stealing her money.
"After all the years of knowing him, of course, I believed what he was saying," Marian said.
"He was a certified financial planner. He has the highest license you can have to sell securities and insurance," U.S. Postal Inspector Don Rood said.
John Wosotowsky lured in clients by telling them he could get them a 6% return on their money.
"They didn`t get any rate. They lost everything they invested with him," Rood said.
"I got a call from MetLife investigator who said John was in trouble, he had done this horrific thing, and I was so trusting I didn`t even believe him," Marian said.
Marian learned very quickly it was true. She had lost her life savings, and in all, 25 victims lost more than $2.9 million.
"A man victim invested half a million dollars - all of the statements were totally fictitious and had been prepared by Mr. Wosotowsky and mailed out to several victims," Rood said.
Rood says most of the money went to gambling, alcohol, drug addictions and living the good life.
Postal inspectors advise asking to see independent verification showing exactly where money is being invested.
Wosotowsky was sentenced to more than eight years in prison and has been ordered to pay more than $2 million in restitution.