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Show R0LL0-GLYPHICS By Klien Rollo I A story, that very well could be duplicated in many communities around the country, was brought to my attention this past week. It is a story of a "rip-off" of the life savings of an elderly couple. The story was prepared by Jim R. Mullendore and published in the "Press-Citizen" The article is republished here to alert those with savings against involvement in-volvement in similar dealings. "It's a dirty gyp when people come around taking us older folks for all we've got," says Joseph Pohler. Pohler, 80, of 1023 Sevond Avenue, farmed near Solon until late 1970. When his wife died, he sold the farm they'd worked all their lives and moved into Iowa City. The money from the farm went into a savings account at a local bank. His 84-year-old sister, Jennie, who'd lived with him and his wife since 1940, also moved into Iowa City and put her money in the bank. On May 10, 1974, a man came to Jennie Pohler's front door offering of-fering her what seemed to be an unbelievable deal. He told her he represented a firm that planned to build a nursing home near Lake Macbride, and said if she'd invest some money in the firm, she'd receive 12 percent annual interest in monthly installments. She made an initial investment and began receiving monthly checks. The man came back five months later wanting her to invest more. She did, and her monthly checks reflected an I increase in the principal. She told her brother about her investment and also mentioned his name to the salesman. On Feb. 18, 1975, the same man appeared at Joseph Pohler's door offering him the same deal. "It sounded like a good deal to me," recalls Pohler. "If I put in $10,000, I'd be getting monthly checks of $100. And he told me I could get my money out anytime." Pohler wrote the man a check for $1,000 then went to his bank and withdrew another $9,000. Then he started getting his monthly checks. The salesman returned to Jennie's door once more, in July 1975, and she invested. the last' of her lifelong savings, bringing the total to $11,500. Later that month the salesman returned to Joseph asking for more money. "I told him I wanted to get my money out then," says Pohler. "But he told me I'd have to get an attorney and go through a bunch of red tape. Besides, he said if I didn't invest more I'd be keeping other people from investing. "So like a damned fool, I gave him another $3,000. "He was never satisfied," says Pohler, "he always wanted more money. I told him I didn't want to put all my eggs in one basket, but he got Jennie for everything she had." On Jan. 12, 1976, the firm in which Joseph and Jennie Pohler had invested a total of $24,500 was declared bankrupt. A court-appointed trustee says the firm's assets, a Coralville nightclub, a furniture store building in Solon and a house probably won't even pay the corporation's creditors. "As far as I can see," says trustee William Martin, of Cedar Rapids, "there's not going to be anything left for the stockholders." Joseph Pohler lives on his Social Security check, the interest in-terest earned on the savings he didn't invest in the firm, and some savings bonds. His sister now has only her Social Security. |