"Everything was fraudulent:" Seven-year Ponzi scheme robs trusted clients of millions



MILWAUKEE -- He was a boss and a trusted financial adviser -- but in the end, he turned out to be a conman who stole millions.

"We were given no reason as to why. He told us we had to remove all of our personal belongings and be out by the end of the day, leave the key, don't answer the telephones and don't unlock the door," said Melissa Weitz, fraud victim.

Melissa Weitz



This is how Melissa Weitz found out her boss, Jason Muskey, was closing his office and she was losing her job.

The financial service company's abrupt closure was just the beginning of Melissa's nightmare. A letter from Muskey told the rest of the story.

"Muskey Financial Services is under investigation by the United States Secret Service and if you have any questions to contact my attorney. Shock of my life, because at that point, I realized that something had been done with the investments that I had made with Jason Muskey," said Melissa.

Jason Muskey



Melissa lost 50,000, but that wasn't the worst part.

"Not only did he take from me, he took from my mother and that's what is so difficult to get past," said Melissa.

Melissa's mother recently widowed and suffering from cardiac problems, she was living on a fixed income.

"He was a man who came into her home, who sat at our kitchen table and who heard my mother's story," Melissa said.

The money Melissa's mother had been saving for almost forty years was gone.

"We found out that he had taken her money several months after she invested it and all the statements were fraudulent, and everything was fraudulent," said Melissa.

In all, Muskey stole $2M from 26 victims.

"He targeted very specific people. People who he thought wouldn't fight back, couldn't fight back -- maybe he thought because of the friendships that you know we would just let it go," said Melissa.

Postal inspectors say Muskey used the money to invest in a semi-pro football team, extravagant vacations and multiple homes.

Officials say over a seven year span, he was running a Ponzi scheme.

"When they would ask for payouts from time to time, he would steal from other clients to pay the clients where he already stole their money," said Luke Caggiano, U.S. Postal Inspector.

Until the bottom fell out. If you're going to invest, do your research.

Melissa learned that lesson the hard way.

"He had a personal bankruptcy back in 2005 or 2006 and that would have been a red flag for me to say, 'if this gentleman can't manage his own finances, then I'm not going to allow him to finance mine,'" said Melissa.

Melissa's advice? Ask as many questions as you can think of before investing.

As for Jason Muskey, he pleaded guilty to wire fraud, aggravated ID theft and mail theft. He is awaiting sentencing.