Financial advisor so trusted he had a radio show...now facing federal prison time

Financial advisor so trusted he had a radio show...now facing federal prison time

MILWAUKEE (WITI) -- A financial advisor was so trusted he even had a radio show giving advice, but something went wrong."He tricked them into giving him this money," U.S. Postal Inspector Jeremy Leder said.He is Edward Kahler -- a financial advisor who worked for a subsidiary of AIG for more than 20 years."He was authorized to sell things like life insurance and annuities to people who are either about to retire or have already retired," Leder said.For most of Kahler's career, he was very successful and honest, but then, authorities say he changed course."At some point, he decided he wasn`t making enough money doing what he was doing and decided to start defrauding some of his clients," Leder said.Having spent decades in the business, Kahler already had a key element necessary to pull off a scam: Trust."He had many, many years of legitimate business with some of these clients.

Financial sociopath: Advisor turned con man takes hundreds of victims for thousands of dollars

Financial sociopath: Advisor turned con man takes hundreds of victims for thousands of dollars

MILWAUKEE (WITI) -- Tens of millions of dollars lost, and hundreds of victims -- all of them left behind by a financial advisor turned con man -- and there are some important lessons to be learned from this case."A financial sociopath, they have no regard for how they get other people`s money and they don`t have any regard for what happens to people once they steal their money," U.S. Postal Inspector Kevin Redden said.Redden is referring to longtime financial advisor Wes Rhodes."He told people he would be able to get better than average returns -- sometimes as high as 25% on their money but most often it was closer 7 - 9%," Redden said.Rhodes' reputation was so solid that he hosted his own radio show focused on investing strategies.

More than $6 million swindled: Accused in precious metals Ponzi scheme, man sentenced to federal prison

More than $6 million swindled: Accused in precious metals Ponzi scheme, man sentenced to federal prison

MILWAUKEE (WITI) -- It started off as a legitimate business, but somewhere along the line, an investment offer went bad."It did actually begin as a legitimate business," U.S. Postal Inspector Raymond Campbell said.The owner of Global Gold and Metals Trading made a wrong turn -- and swindled more than $6 million from customers trying to buy precious metals online."He was selling products at below market value.

Thinking about selling something via on online auction site? Be warned!

Thinking about selling something via on online auction site? Be warned!

MILWAUKEE (WITI) -- We all have too much stuff lying around our house, but if you're thinking about selling something via an online auction site -- be warned.Computers, sports memorabilia, designer clothing and cars -- these are just a few of the items offered for sale everyday on online auction sites.As the popularity of these sites has grown, even rare antiquities such as coins and bank notes are available.The common thread?All of these items, at one time or another, are being used to lure unsuspecting victims into a scam."And what they were doing was selling collectible and vintage bank notes through an online auction site," U.S. Postal Inspector Greg Botti said.Legitimate sellers were selling those bank notes, but a con-artist was on the other end of purchasing them."The buyer would agree to buy the notes.