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

Investor takes everything from victims

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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.

 

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