Investor takes everything from victims - 13abc.com Toledo (OH) News, Weather and Sports

Investor takes everything from victims

Posted: Updated:

If you're looking to invest your money in this new year, a certified financial planner might be the way to go, but you can't be too trusting as an I-Team Consumer Alert discovered. 

Trusting a financial planner is fine.  There are plenty of good ones.  Ultimately, though, it's on you to make sure you know where your money is going.

"All my life savings were gone.  It was devastating," said fraud victim Marian who did not want to give her last name. 

Marian was crushed when she discovered that someone she trusted for 15 years with her money was actually stealing it.

"After all the years of knowing him, of course, I believed what he was saying," said Marian. 

"He was a certified financial planner.  He has the highest license you can have to sell securities and insurance," said US postal inspector Don Rood. 

John Wosotowsky promised a 6% return on his client's investments.  Not only did they not get 6% it was worse.   

"They didn't get any rate.  They lost everything they invested with him," said Rood. 

"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," said Marian. 

Marian did need to face the truth.  Her life savings were gone.  A total of 25 victims lost close to $3 million.

"All of the statements were totally fictitious and had been prepared by Mr. Wosotowsky and mailed out to several victims," said Rood.  "Most of it went to gambling, alcohol, drug addictions, traveling and living the good life."

"I felt stupid at first, I felt bad, sad," said Marian. 

Experts advise independent verification showing exactly where your money is going.  If you can't get it or your advisor won't provide it, it might be time for a new advisor.

 

  • LocalMore>>

  • Samaria road nearly finished in Monroe County

    Samaria road nearly finished in Monroe County

    Tuesday, September 2 2014 10:45 PM EDT2014-09-03 02:45:11 GMT
    Over the state line in Monroe County, 6 months made a world of difference in terms of road conditions.This winter, cars could barely get down streets, like Samaria. But today, it's smooth sailing as the nearly $5 million dollar project nears completion."I think it's great," Nick Koepke, who lives on Samaria said.Not only does he call the street home, it's also where he does business.He says the potholes causes a lot of headaches over the years."It was terrible," he told 13abc. "There were spo...
    Over the state line in Monroe County, 6 months made a world of difference in terms of road conditions.This winter, cars could barely get down streets, like Samaria. But today, it's smooth sailing as the nearly $5 million dollar project nears completion."I think it's great," Nick Koepke, who lives on Samaria said.Not only does he call the street home, it's also where he does business.He says the potholes causes a lot of headaches over the years."It was terrible," he told 13abc. "There were spo...
  • MI Fire Dept warns of "unstable silo"

    MI Fire Dept warns of "unstable silo"

    Tuesday, September 2 2014 10:29 PM EDT2014-09-03 02:29:38 GMT
    An Ida, Michigan street is closed tonight because of what the fire department calls an "unstable silo.
    An Ida, Michigan street is closed tonight because of what the fire department calls an "unstable silo.
  • Low cost Toledo animal clinic serves up creative way to raise money

    Low cost Toledo animal clinic serves up creative way to raise money

    Tuesday, September 2 2014 6:54 PM EDT2014-09-02 22:54:03 GMT
    Humane Ohio is a low cost spay neuter clinic that fixes thousands of dogs and cats every year. You have a chance to have help raise money for the non-profit organization and get a great meal. The annual "spay-ghetti" dinner is later this month. It is Humane Ohio's biggest fundraiser of the year.Organizers hope to bring in about $15,000 at this year's event. Humane Ohio Development and Marketing Director Kristy Kissoff that money helps them keep prices down at the clinic, "This year we are o...
    Humane Ohio is a low cost spay neuter clinic that fixes thousands of dogs and cats every year. You have a chance to have help raise money for the non-profit organization and get a great meal. The annual "spay-ghetti" dinner is later this month. It is Humane Ohio's biggest fundraiser of the year.Organizers hope to bring in about $15,000 at this year's event. Humane Ohio Development and Marketing Director Kristy Kissoff that money helps them keep prices down at the clinic, "This year we are o...
  • Top StoriesMore>>

  • TPS delays the start of Head Start

    TPS delays the start of Head Start

    Tuesday, September 2 2014 6:47 PM EDT2014-09-02 22:47:42 GMT
    Today was supposed to be the first day of school for all Toledo Head Start students but hundreds of students had to stay at home.
    Today was supposed to be the first day of school for all Toledo Head Start students but hundreds of students had to stay at home.
  • Cedar Point announces Mantis is out October 19th

    Cedar Point announces Mantis is out October 19th

    Tuesday, September 2 2014 4:48 PM EDT2014-09-02 20:48:20 GMT
    Cedar Point has announced that the Mantis Roller Coaster is shutting down.
    Cedar Point has announced that the Mantis Roller Coaster is shutting down.
  • Samaria road nearly finished in Monroe County

    Samaria road nearly finished in Monroe County

    Tuesday, September 2 2014 10:45 PM EDT2014-09-03 02:45:11 GMT
    Over the state line in Monroe County, 6 months made a world of difference in terms of road conditions.This winter, cars could barely get down streets, like Samaria. But today, it's smooth sailing as the nearly $5 million dollar project nears completion."I think it's great," Nick Koepke, who lives on Samaria said.Not only does he call the street home, it's also where he does business.He says the potholes causes a lot of headaches over the years."It was terrible," he told 13abc. "There were spo...
    Over the state line in Monroe County, 6 months made a world of difference in terms of road conditions.This winter, cars could barely get down streets, like Samaria. But today, it's smooth sailing as the nearly $5 million dollar project nears completion."I think it's great," Nick Koepke, who lives on Samaria said.Not only does he call the street home, it's also where he does business.He says the potholes causes a lot of headaches over the years."It was terrible," he told 13abc. "There were spo...

Area Events Calendar

See It, Shoot It, Send It!