Brian and Jeanine Tesch of Tomahawk, Wisconsin didn’t lose their money to a slick stranger on the internet. They lost it to a man Brian describes as a brother. Stanley Pophal, a longtime friend, ran a Ponzi scheme that pulled in 190 investors and $14.25 million over six years.
The pitch was simple and devastating: your investment doubles in five years. To make it feel real, Pophal sent small checks early on, and the Teschs responded by selling their home and land. The money funded snowmobiles, bikes, and cars. They discovered the truth when they saw his mug shot and moved quickly enough to protect part of their 401(k). Everything else was gone.
A judge ordered Pophal to pay $14.25 million in restitution. The Teschs have received nothing and now split time between a trailer in Tomahawk and a rental in Mexico. They could not afford the trip to Wisconsin for their newest grandchild’s birth. For anyone on the Suncoast managing a nest egg, the takeaway is to ask where the assets live and how the returns are generated. Who handles your retirement money, and when did you last ask them a hard question?
