Financial Advisor Fueled His Gambling Compulsion By Bilking Elderly Investors
Financial Advisor Fueled His Gambling Compulsion By Bilking Elderly Investors
Monaca Road, PA – Senior U.S. District Judge Maurice B. Cohill convicted John D Wosotowsky, 51, of Monaca Road, for mail fraud and filing false income tax returns. According to United 
States Attorney David J Hickton, Wosotowsky was sentenced to 97 months imprisonment and restitution of $2,293,045.66.
Wosotowsky worked for Metlife Securities in the capacity of a certified licensed financial planner, according to information presented to the court. Over a period of 10 years, he defrauded 25 mostly elderly people out of almost $2.5 million, and used the proceeds to finance his addiction for gambling, according to a statement by Hickton.
Victims were given the impression that their funds were safely invested in high-return investment instruments with the MetLife group. Instead Wosotowsky diverted the money into his own account under the name of Equity I & R., according to Hickton.
Wosotowsky used a mail drop address at Cranberry Township to avoid discovery of his fraud by his victims or Metlife, and did not stop at forging disbursement requests and notices of change of address. He even issued account statements that were false, said Hickton. Wosotowsky paid clients who had opted for monthly payments from money he received from other clients.
Judge Cohill viewed this as a serious offense and did not recognize Wosotowsky’s gambling addiction as sufficient reason for a reduced sentence.
