May 3, 2017 Comments (0) Securities Fraud

Former NJ Advisor Jesse Holovacko Convicted of Wire Fraud and Investor Fraud

Jesse Holovacko
(Last Updated On: May 3, 2017)

Jesse Holovacko was convicted in federal court for defrauding a client out of his retirement savings and using the funds for personal expenses.

According to various reports, Jesse Holovacko, 39, of Sayreville, New Jersey was convicted last week for six counts of wire fraud and one count of investment adviser fraud.

Between December 2013 and August 2014 while registered with Merrill Lynch, Holovacko allegedly told his client that he would be using retirement account funds to purchase bonds for him and advised the client to transfer funds from the IRA to his bank account. He then asked his client to provide cashier’s checks made out to Holovacko, in order to purchase the bonds for him.

According to reports, Holovacko obtained 18 cashier’s checks totaling approximately $255,000 and deposited the checks into his own bank account. He allegedly spent the money on his own personal expenses.

The maximum potential penalty for the wire fraud charges that Holovacko was convicted carry a maximum of 20 years in prison and a $250,000 fine.

According to FINRA Broker Check, Holovacko was registered with Merrill Lynch, Pierce, Fenner & Smith in Edison, NJ from November 2011 until September 2014 when he was discharged for “conduct involving misappropriation of funds”.

Prior to that, he was registered with UBS Financial Services in Edison, NJ from September 2006 through November 2011. He has eight customer complaints listed on his FINRA Broker Report. Allegations include misrepresentation and omission of material facts. Holovacko was permanently barred from the securities industry in 2015.

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