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  • Cancer Survivor Scammed Out Of $25,000 Save Email Print
    Check with banking department to ensure investment advisor is legit
    Posted: 10:52 PM May 12, 2008
    Last Updated: 11:54 PM May 12, 2008
    Email Address: sixonline@wowt.com

    A | A | A

    A college student beats the odds against cancer, only to lose his trust and maybe his own money to an investment advisor. He thought he'd done his homework and It seemed like a sure thing, but...

    When cancer treatment took his hair, all Alex Stowe wanted on his head was a Yankees’ cap. Meeting idols like Derek Jeter inspired him. “I had all the luck in the world. I was given the toughest challenge in my life in beating cancer."

    His financial health took a turn for the worse though when Alex and his mother invested $25,000 in Growth Partners and a man named Red Welke.

    Alex says he was invited to the investment advisor's office where there were computers and flat screen TVs tuned into the market. That atmosphere convinced him to invest. “He was definitely making money judging by that and his Hummer, his brand new Hummer."

    Then Alex and Six On Your Side found the office vacant and the landlord says the investment group moved out overnight. “Just disappeared, up and left with the money."

    All investment advisors must register with the state, but Growth Partners and Red Welke aren't listed. “If the name of the company's not on there, I would definitely then call your state regulatory authority and tell them you couldn’t find it," says Jack Herstein with the state banking department.

    The Department of Banking and Finance has tips to be a smart investor. Save all records on an investment, make a call to the state to check a financial advisor's background, ask for risks in writing before writing the check, report problems like broken promises or statement delays to the state, take time investigating before investing because money lost usually stays that way.

    “The money is probably gone, a lot of times it's already gone out of state, a lot of times out of the country," says Herstein.

    Welke hasn't responded to Six On Your Side, but through e-mails to Alex, he offers hope the $25,000 isn't completely lost, promises Alex doesn't believe from a man who knew the money came from a cancer survivor.

    “I have to keep telling myself almost on a daily basis is you know what, the money is gone, but at least I'm alive, I'm not in a hospital bed." Alex checks the mail every day, but so far no check from an investment he needs just in case cancer throws him a curve again.

    The Nebraska Department of Banking and Finance has a free hotline for anyone with questions, 1-877-471-3445.

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    Posted by: Mike Location: Virginia on Jul 24, 2008 at 02:32 PM
    Hid Dad owns Andersons Market in Long Pine. His name is Jim and his mom's name is Paula. His sister is Andrea. Start with them.

    Posted by: Anonymous Location: Omaha on May 15, 2008 at 09:13 PM
    In response to "bigjon50" below -- I know you are Red's partner and equally scammed hundreds of thousands of dollars from many innocent people. When they finally catch up with you "bigjon", my only wish is that you get "played" with big time in prison.

    Posted by: Anonymous Location: Omaha on May 14, 2008 at 06:05 PM
    I think they already messed with the wrong people. You cannot burn 150 people and not think 1 one of them will not get their money back.

    Posted by: Anonymous Location: Omaha on May 14, 2008 at 02:33 PM
    There is no doubt these guys are guilty of fraud and should be in jail. They have ruined a lot of people. I know that Michael Welke a.k.a. "Red" came back from Arizona to start a new business so buyer beaware. Who knows what kind of scam he has come up with!

    Posted by: bigjon50 Location: UNO Football on May 14, 2008 at 02:31 PM
    You play the game-you get played!

    Posted by: Kitty Location: Omaha on May 13, 2008 at 11:26 PM
    Sounds to me like an arrest for fraud (and, doubtless, many other legal infractions) is in order. I hope the police goes after the scammers full-force and throws these Hummer-driving bozos in jail.

    Posted by: Mary O. Location: Omaha on May 13, 2008 at 09:00 PM
    I've worked for broker/dealers and/or investment advisors for 11 years. The best way to find out as much info as possible about a b/d or investment advisor is going straight to the source. No registered representative or registered investment advisor can sell investment products without first obtaining licenses and registration through FINRA. http://www.finra.org/InvestorInformation/InvestorProtection/ChecktheBackgroundofYourInvestmentProfessional/index.htm

    Posted by: Anonymous on May 13, 2008 at 02:03 PM
    Has anyone bothered to check if Mr. Welke had any partners? Maybe recource can be sought by finding all that were involved in this scam. Who all signed the lease agreement at the office that they showed on tv? If this person or group was not licensed to sell securites then lets not call them Investment Advisors. That's like calling someone an attorney just because they like giving legal advice but aren't licensed to do so!!!

    Posted by: Elaine Location: Omaha on May 13, 2008 at 01:49 PM
    Keep the faith, you are such a strong person and remember "what goes around will come around" and Red will get his... One of these days he will mess with the person who will get his money back..You did so well on TV last night. Good for you.

    Posted by: Dan Location: Omaha on May 13, 2008 at 12:44 PM
    Always a good idea to seek out the services of a Certified Public Accountant (CPA). Many offer financial advise and can assist in investing funds. Also, they are regulated at a much higher level than financial advisors.

    Posted by: Anonymous on May 13, 2008 at 12:06 PM
    This "group " was not an investment advisor!!! Apparently not even licensed to sell securities....clearly a scam .... and they may even still be located in the city...

    Posted by: Amy Location: Omaha on May 13, 2008 at 11:24 AM
    Wow, I just cannot believe people do things like that to anyone, least of all someone battling cancer. Is there any recourse for Alex and others who have been scammed by this investment group? Do they just get away with this crime? Seems that if these people loose all of their money, at least these people should be punished!

    Posted by: Lois Location: Omaha on May 13, 2008 at 10:11 AM
    I am just sick about the "Cancer Survivor being Scammed". I personaly know Alex's mother and watched that family go through the hardest time anyone could be dealt. Alex was so sick and fought long and very hard to get well and now this. And this guy actually knew him?! I hope that he is stopped so that no one else can be lured in to his deceitful web and that he will pay dearly for hurting the innocent who are just trying to make it in this world.

    Posted by: laura Location: omaha on May 13, 2008 at 10:08 AM
    I would never, ever, EVER invest with an individual who has invited ME to his office, and was not sought out by ME as a person I wanted to do business with. Anytime someone calls on YOU to encourage a business relationship, it should send up at least a warning flag to double-check on that individual or the business.

    Posted by: D Location: Bellevue on May 13, 2008 at 09:46 AM
    This Welke creep deserves to get $25k beaten out of him.

    Posted by: Dave Location: Omaha on May 13, 2008 at 08:43 AM
    What a slime bucket you are Mr. Welke. If I were to ever run into you on thre street,you would need 10X that much money to cover your medical expenses after I was done with you. Remeber you do need to sleep,you can't hide forever and karma is a ****!

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