Andy's Got Your Back on a betrayal of trust - Action News 5 - Memphis, Tennessee

Andy's Got Your Back on a betrayal of trust

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MEMPHIS, TN -

(WMC TV) - Another investment scammer is busted after he betrayed the trust of a long-time client.

"All my life savings were gone. It was devastating," said a woman we'll call 'Marian.'

She was crushed to learn John Wosotowsky, a certified financial planner 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," 'Marian' said.

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

Rood said Wosotowsky abused his position and lied to his clients, luring them in with false promises of a six percent return rate on their money.

"They didn't get any rate," Rood said. "They lost everything they invested with him."

Rood said in all, 25 victims lost more than $2.9 million because they trusted John Wosotowsky.

"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 (the investigator)," said 'Marian.'

Postal inspectors said consumers should independently verify where their money is being invested. Check with the manager or the managing firm of the fund in which your financial advisor is putting your money. 

Wosotowsky was sentenced to eight years in prison. A judge ordered him to pay more than $2 million in restitution to his victims.

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