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.
Wednesday, June 19 2013 10:53 PM EDT2013-06-20 02:53:28 GMT
Three young brothers who have been missing the more than two years were featured on national TV Wednesday night. Former "America's Most Wanted" host John Walsh profiled the case of Andrew, Alexander and
Three young brothers who have been missing for more than two years were featured on national TV Wednesday night. Former "America's Most Wanted" host John Walsh profiled the case of Andrew, Alexander and Tanner Skelton.
Wednesday, June 19 2013 6:15 PM EDT2013-06-19 22:15:15 GMT
Most of us wouldn't be able to swim across Lake Erie, so imagine doing it with a debilitating condition. A Maumee man with Crohn's disease is training to cross the lake to help raise money and awareness
Maumee man set to swim across Lake Erie in an effort to raise money for help Crohn's disease research.
Wednesday, June 19 2013 6:12 PM EDT2013-06-19 22:12:43 GMT
Five St. Ursula students traveled to Washington, DC to be honored with the Jefferson Award for Community Service. As part of their trip, they met with Congresswoman Marcy Kaptur. Washington Bureau Chief
Five St. Ursula students traveled to Washington, DC to be honored with the Jefferson Award for Community Service. As part of their trip, they met with Congresswoman Marcy Kaptur. Washington Bureau Chief Jacqueline Policastro tagged along during their visit.
Wednesday, June 19 2013 6:09 PM EDT2013-06-19 22:09:35 GMT
Changes in technology are forcing Blissfield Manufacturing to close one plant and expand another. The company made the tough decision to shut down its Portland, Indiana plant as the owners work hard
Blissfield company announces it is closing a plant in Indiana and consolidating operations in its Blissfield headquarters adding 73 jobs.
Wednesday, June 19 2013 10:53 PM EDT2013-06-20 02:53:28 GMT
Three young brothers who have been missing the more than two years were featured on national TV Wednesday night. Former "America's Most Wanted" host John Walsh profiled the case of Andrew, Alexander and
Three young brothers who have been missing for more than two years were featured on national TV Wednesday night. Former "America's Most Wanted" host John Walsh profiled the case of Andrew, Alexander and Tanner Skelton.
Wednesday, June 19 2013 9:44 PM EDT2013-06-20 01:44:14 GMT
LOS ANGELES (AP) - HBO and James Gandolfini's managers say the actor famous for his role in "The Sopranos" has died in Italy. The cable channel, and managers Mark Armstrong and Nancy Sanders, say the
James Gandolfini, whose portrayal of a brutal, emotionally delicate mob boss in HBO's "The Sopranos" helped create one of TV's greatest drama series and turned the mobster stereotype on its head, died Wednesday in Italy. He was 51.
Wednesday, June 19 2013 6:15 PM EDT2013-06-19 22:15:15 GMT
Most of us wouldn't be able to swim across Lake Erie, so imagine doing it with a debilitating condition. A Maumee man with Crohn's disease is training to cross the lake to help raise money and awareness
Maumee man set to swim across Lake Erie in an effort to raise money for help Crohn's disease research.
Wednesday, June 19 2013 6:09 PM EDT2013-06-19 22:09:35 GMT
Changes in technology are forcing Blissfield Manufacturing to close one plant and expand another. The company made the tough decision to shut down its Portland, Indiana plant as the owners work hard
Blissfield company announces it is closing a plant in Indiana and consolidating operations in its Blissfield headquarters adding 73 jobs.
Wednesday, June 19 2013 5:51 PM EDT2013-06-19 21:51:41 GMT
After more than 4 inches of rain in the first half of June, northwest Ohio and southeast Michigan has become a breeding ground for mosquitoes. Spraying is underway in hopes of reducing the threat of mosquito-borne illnesses.
After more than 4 inches of rain in the first half of June, northwest Ohio and southeast Michigan has become a breeding ground for mosquitoes. Spraying is underway in hopes of reducing the threat of mosquito-borne illnesses.
Wednesday, June 19 2013 5:11 PM EDT2013-06-19 21:11:48 GMT
First Energy got started on a project to make its energy grid in Sandusky County more reliable, but the means of getting the job done may surprise some people. The company is using a helicopter to hang
First Energy got started on a project to make its energy grid in Sandusky County more reliable, but the means of getting the job done may surprise some people. The company is using a helicopter to hang high voltage transmission lines onto the arms of towers.
Wednesday, June 19 2013 5:08 PM EDT2013-06-19 21:08:49 GMT
An inmate at Toledo Correctional Institution was indicted Wednesday on two counts of aggravated murder and one count of felonious assault. Dustin Lynch, 26, is accused of killing fellow inmate Arturo
An inmate at Toledo Correctional Institution was indicted Wednesday on two counts of aggravated murder and one count of felonious assault. Dustin Lynch, 26, is accused of killing fellow inmate Arturo Lopez in March.
Wednesday, June 19 2013 5:06 PM EDT2013-06-19 21:06:00 GMT
After two levy defeats, Bowling Green City Schools are cutting costs. The district is moving to a pay-to-participate system, charging students for after-school activities. The move could be the beginning
After two levy defeats, Bowling Green City Schools are cutting costs. The district is moving to a pay-to-participate system, charging students for after-school activities. The move could be the beginning of more cuts for the district.
Wednesday, June 19 2013 6:18 PM EDT2013-06-19 22:18:19 GMT
Toledo firefighters are on the scene of a house fire in Toledo. The fire broke out at a home on the 1100 block of Avondale just after 11:30pm Tuesday. Dispatchers tell us heavy flames are showing.
Toledo firefighters were called to the scene of a house fire in Toledo. Firefighters say they found a strong odor of gasoline inside of the home, indicating the house was possibly the target of a firebombing.
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