The Financial Industry Regulatory Authority Inc. (FINRA) filed a complaint against JOHN A. WASZOLEK (CRD# 800403) for allegedly taking advantage of one of his client's with Alzheimer's. Waszolek was a broker with UBS Wealth Management in 2009, when he allegdly took advantage of his client by attempting to inherit approximately $2 million from his client. Waszolek allegedly took unfair advantage of his 81 year-old client by having her assign him as beneficiary for her trust even though at the time she was unable to protect herself from exploitation.
John Waszoleko now works at Raymond James & Associates Inc. in Scottsdale, Arizona.
This client had been a client of Waszolek's since 1982, according to FINRA records. In 2008 as her condition declined, Waszolek drove her to a doctor's appointment where she was diagnosed with Alzheimer's. Waszolek then met with an estate planning attorney a month later to have himself named as her agent and to give him power of attorney, and her trust was to be amended naming him as beneficiary. The attorney refused, and Waszolek referred her to another attorney to amend the trust and appoint him as a beneficiary. According to the amendment, approximately $1.3 million was to be split among four charities would then go to Wasolek. The value rose to nearly $1.8 million.
According to FINRA, the the day after the amendment began, Waszolek resigned from UBS after 30 years and transferred to Morgan Stanley Wealth Management where he did not inform them that he had been named as her beneficiary. This was in clear violation of FINRA rules and firm policy.
In 2010 after the client died, the bank that was to distribute funds refused to do so unless Morgan Stanley approved the transfer. Morgan Stanley denied the request, and reprimanded Mr. Waszolek, according to Finra. He was discharged from the firm in December 2011. Waszolek did not receive any of the $1.8 million from the trust.
However, just two months later, February 2012, Waszolek was hired at Raymond James & Associates where he and his son managed $200 million in assets and generated $800,000 in annual revenue.
John Waszoleko is currently registered with the following firm since 02/2012:
RAYMOND JAMES & ASSOCIATES, INC. (CRD# 705)
14850 N. SCOTTSDALE ROAD, SUITE 155, SCOTTSDALE, AZ 85254
John Waszoleko was previously registered with the following firms:
06/2009 - 01/2012 MORGAN STANLEY SMITH BARNEY (CRD# 149777) - SCOTTSDALE, AZ
03/2009 - 06/2009 MORGAN STANLEY & CO. INCORPORATED (CRD# 8209) - SCOTTSDALE, AZ
09/1979 - 03/2009 UBS FINANCIAL SERVICES INC. (CRD# 8174) - SCOTTSDALE, AZ
10/1979 - 01/1980 PAINE, WEBBER, JACKSON & CURTIS INCORPORATED (CRD# 640)
10/1978 - 10/1979 SECURITY FIRST FINANCIAL, INC. (CRD# 6695)
10/1974 - 06/1977 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. (CRD# 572)
If you or an elderly family member has suffered significant financial losses due to their broker/financial advisor, call Soreide Law Group for a no-cost consultation on how to potentially recover those losses at 888-760-6552. We represent our clients nationwide before FINRA.