You need to be careful about who you trust when it comes to investing. Marian found that out the hard way.
”All my life savings were gone. It was devastating,” she said.
Marian was crushed to learn the man she trusted for more than 15 years was actually stealing her money.
“After all the years of knowing him, of course, I believed what he was saying,” she said.
“He was a certified financial planner, he has the highest license you can have to sell securities and insurance,“ explained US Postal Inspector Don Rood.
John Wosotowsky lured clients in by telling them he could get them a 6 percent return on their money.
“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,” explained Marian.
But she learned very quickly it was true. She had lost her life savings. In all, 25 victims lost more than $2.9 million.
“A man victim invested half a million dollars – all of the statements were totally fictitious and had been prepared by Mr. Wosotowsky and mailed out to several victims," said Rood.
Marian said, “I felt stupid at first, I felt bad, sad…”
So where did the money go?
“Most of it went to gambling, alcohol, drug addictions, traveling and living the good life,” said Rood.
Wosotowsky was sentenced to more than 8 years in prison and has been ordered to pay more than $2 million in restitution.
Postal Inspectors advise that you ask to see independent verification showing exactly where your money is being invested.