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.