According to FA-Mag.com, former broker John Michael Babiarz accused of defrauding several Massachusetts residents out of their retirement savings, pled guilty to wire fraud and aggravated identity theft.
In 2011 Babiarz employment as a registered broker with Bishop, Rosen & Co. was terminated. According to reports, prosecutors said he lied to several clients and told them that he was hired by Fidelity Investments. Babiarz helped clients set up online brokerage accounts at Fidelity, giving him access to their usernames and passwords. He then transferred clients money to other accounts that he controlled and used the money for personal expenses.
In addition the Massachusetts Securities Division brought a similar complaint against Babiarz. To read more about the complaint visit our earlier post, here.
When registered broker steals from clients and encages in unsavory business practices, the brokerage firm where they work may be liable for investment losses. If you had dealings with Babiar prior to 2011 and are concerned about your investments, please call The White Law Group at (312) 238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States. The firm’s offices are located in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.