Published On: October 30, 2017

A financial advisor from Sayreville, New Jersey was sentenced to three years in prison for stealing a factory worker’s pension that he was supposed to invest. The U.S. Attorney for the District of New York announced on Wednesday that Jesse Holovacko allegedly defrauded his client out of his retirement savings and used the funds for his own benefit. He was convicted on six counts of wire fraud and one count of investment advisor fraud. According to the U.S. Attorney, Holovacko met with factory workers in 2012 and transferred the victim’s pension savings into an IRA. The victim had entrusted Holovacko with managing his retirement savings from December 2013 through August 2014. Holovacko then allegedly falsely told the victim that he would use the retirement account funds to purchase bonds for him and advised the victim to transfer the retirement money to the victim’s bank account and then provide cashier’s checks made out directly to the financial advisor, telling the victim it would be easier to purchase the bonds. Holovacko obtained 18 cashier’s checks totaling $225,000 because of this. He then used the money to pay a car loan, mortgage, dinners out, concerts, baseball game tickets and took out $150,000 in cash. Holovacko also promised the victim documentation of the purported investments in bonds. These were all against securities laws and regulations.
Jesse Holovacko, according to public record with the Financial Industry Regulatory Authority (FINRA), was previously registered with UBS in Edison, New Jersey from September 2006 until November 2011, and Merrill Lynch in Edison from November 2011 until September 2014. He has nine customer disputes against him, one of which is currently pending. He has one criminal disposition against him. He has been permanently barred from the industry.
If you or someone you know suffered money losses with Mr. Holovacko, please call our securities law firm in Chicago at 312-332-4200 today to speak to one of our attorneys. The call is free with no obligation, and attorneys are standing by. We sue firms in the FINRA arbitration forum for not reasonably supervising their brokers while they were registered there. We are based in Chicago and Barrington, Illinois. We only make money if you recover yours.


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