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.