JOHN M. BABIARZ (CRD# 3047247), a New England financial advisor, has admitted to stealing $645,000 from his elderly clients.
One of the elderly clients considered Babiarz a friend until she found out that a large portion of her savings was gone. Babiarz told his client he was liquidating some of her investments to purchase Facebook stock, when in fact he used her money to buy a new home for his family.
Seven of John Babiarz' clients lost $650,000 in one year.
Babiarz would have his clients send him checks or electronic funds into his own personal account. These were unsophisticated, trusting, elderly people, who had invested with him for years.
John Babiarz pled guilty to wire fraud and aggravated identity theft. He was sentenced to four years in prison and ordered to pay more than $645,000 in restitution to his victims.
According to FINRA's BrokerCheck, JOHN M. BABIARZ was registered in the securities industry for 12 years and was previously registered with the following securities firm(s):
11/2009 - 09/2011 BISHOP, ROSEN & CO., INC. (CRD# 1248) - NEWTON, MA
06/2009 - 07/2009 CAPITOL SECURITIES MANAGEMENT, INC. (CRD# 14169) - WORCESTER, MA
11/2004 - 06/2009 JESUP & LAMONT SECURITIES CORP (CRD# 39056) - WORCESTER, MA
FINRA expelled the firm in 11/2010
05/2002 - 11/2004 PRIMEVEST FINANCIAL SERVICES, INC. (CRD# 15340) - ST. CLOUD, MN
05/2001 - 05/2002 LINSCO/PRIVATE LEDGER CORP. (CRD# 6413) - BOSTON, MA
04/1999 - 05/2001 INVESTORS CAPITAL CORP. (CRD# 30613) - LYNNFIELD, MA
01/1999 - 04/1999 DEAN WITTER REYNOLDS INC. (CRD# 7556) - PURCHASE, NY
06/1998 - 01/1999 BEAR, STEARNS & CO. INC. (CRD# 79) - NEW YORK, NY
If you or an elderly family member suffered significant financial losses because of your broker/financial advisor, call Soreide Law Group for your free consultation on how to potentially recover those losses at 888-760-6552. We represent our clients nationwide before FINRA.
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