Investment scam artist takes nearly $900K from over 22 people

Casey Charles charged in connection with investment scheme

MILWAUKEE (WITI) -- A scam artist tricked a widow into giving him close to $100,000 -- and she's not the only one who took big losses in a phony investment scheme.

"I felt guilty. I felt ashamed, I felt angry. I felt embarrassed," fraud victim Barbara said.

A mixture of emotions for Barbara after she lost more than $90,000 in an investment scheme.

"We received a mass mailing postcard in the mail from a gentleman who wanted to know if we were happy with our retirement plan," Barbara said.

The flyer says: "Helping you avoid IRA distribution mistakes." The company's slogan is: "We haven't lost a dime in the recession. Want to know how?"

Barbara's husband, who was in failing health, decided to meet with Casey Charles.

"This was a time when stocks were down and most people were unhappy with what they had, so he just wanted to see what someone else might suggest," Barbara said.

Barbara and her husband decided to invest with Charles. A short time later, Barbara's husband passed away.

"I am responsible for my own problems but I really was not capable of making good decisions at that point," Barbara said.

Charles claimed to be investing Barbara's money and sent fictitious promissory notes to her as proof.

"He never made any investments on behalf of the investors. He just used their money for his own personal expenses," U.S. Postal Inspector Frank Schissler said.

Postal inspectors say Charles scammed more than 22 people, including Barbara for a total loss of almost $900,000.

"To think of someone coming into someone`s home while there husband is in a wheelchair dying and knowing you`re going to take money from them, it`s despicable," Schissler said.

"They don`t seem to care or think about what they are doing to other people. It is almost as bad as holding someone up with a gun. They got their money however they got it," Barbara said.

Charles pleaded guilty to mail fraud and was sentenced to three-and-a-half years in prison. She has been ordered to pay back the money.

Postal inspectors say he targeted retirees.

Some advice: Research anyone who claims to be a financial advisor. Check them out on the Better Business Bureau website to see if they have any consumer complaints.