Verify Your Investments - WBAY

Target 2 Consumer Alert

Verify Your Investments

Updated:

Trust is important when you're investing your money. 

As we learned in this week's Target 2 Consumer Alert, even professionals with a great resume could be out to get your life savings--so you have to be diligent in protecting them.

"All my life savings were gone. It was devastating," Marian, Fraud Victim said.

Marian was crushed to learn the man she had 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," said Marian.

"He was a certified financial planner, he has the highest license you can have to sell securities and insurance," said Don Rood, U.S. Postal Inspector.

John Wosotowsky lured in clients 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," said Marian.

Marian learned very quickly it was true. She had lost her retirement fund.

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," Rood said.

"I felt stupid at first, I felt bad, sad.  Nobody wants to feel you could be duped," said Marian said.

"Most of it went to gambling, alcohol, drug addictions, traveling and living the good life," Rood said.

Wosotowsky was sentenced to more than eight years in prison, and ordered to pay back more than $2 million in restitution.

To protect yourself and your investments, investigators say beyond getting a statement which can be fake, you need to get independent verification showing exactly where your money is being invested.

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