Contact 6: Financial planner scammed clients out of life savings

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MILWAUKEE (WITI) -- FOX6's Contact 6 has a warning about a financial planner who took his clients for millions!

Marian, who did not want to provide her last name, was devastated 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," Marian said.

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

John Wosotowsky lured clients in by telling him he could get them a 6% return on their money.

"I got a call from a 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," Marian said.

Marian 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, and all of the statements were totally fictitious and had been prepared by Mr. Wosotowsky and mailed out to several victims," Rood said.

Postal inspectors advise asking to see independent verification showing exactly where the money is being invested.

Wostowsky was sentenced to over eight years in prison and has been ordered to pay more than $2 million in restitution.