MADISON, Wis. (AP) - The Wisconsin Supreme Court has suspended the law license of former New Berlin Mayor James Gatzke for mishandling the affairs and money of a woman whose husband killed himself in 2005.
Patricia Schaeffer received more than $2.5 million in life insurance policies after the death of her husband, who was under investigation for stealing from his business partner. According to Tuesday’s Supreme Court opinion, Gatzke invested the money in businesses he also had a stake in and converted other clients’ funds to cover shortages in Schaeffer’s holdings.
The Supreme Court suspended Gatzke’s license for three years and ordered him to pay about $600,000. Gatzke didn’t respond to a message seeking comment.
He was mayor of New Berlin from 1997 to 2001.
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