Bruce Vielmetti, Milwaukee Journal Sentinel
Published 6:36 p.m. CT June 4, 2019 | Updated 7:00 p.m. CT June 4, 2019
For about 25 years, several friends from
around the North Shore met monthly to discuss the stock market, pick
some investments and kick in $50 to their portfolio. They called
themselves Women of Wealth, and their numbers grew from five to 12.
Besides
the social and education aspect, members hoped by the time they reached
65 or thereabouts their investments would provide a nice supplement to
other retirement income.
That time was coming soon,
so longtime club treasurer Wendy Yanow went directly to federal
prosecutors this year and admitted she'd been stealing her friends'
money, not investing it, for years,
while presenting monthly reports on
how the portfolio they thought they owned was doing.
Yanow, 63, of Thiensville, has reached an agreement to plead guilty to wire and mail fraud for the longtime scheme.
According
to the plea deal, Yanow will pay about $81,000 in restitution before
her sentencing, likely in the fall. Federal prosecutors may argue the
restitution should be nearly $375,000 — what the members' money would
have been worth now if it had been invested as the group had directed.
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