JOHN M. BABIARZ (CRD# 3047247), a former broker from Peabody, Massachusetts, was sentenced to four years in federal prison and could lose his home, car, his investment account and $645,000 he admitted stealing from his elderly clients. Babiarz, 40, plead guilty in May to wire fraud and aggravated identity theft.
Babiarz contacted several of his former clients after he lost his job with Bishop, Rosen & Co., based in New York. Babiarz admitted telling some of his former clients that he was now working with Fidelity Investments, and other clients that he was working as an independent broker. He managed to convince his former clients, many of whom were elderly and not savvy in using the Internet, to allow him to continue managing their money, and set up accounts online with Fidelity in their names, where he was NOT employed. Babiarz had full access to their accounts including user names and passwords, which meant he had full access to their money.
John M. Babiarz then transferred funds out of the accounts into his own account, or used the clients' accounts to borrow money for himself to make his own investments. He used the money to purchase among other things, a home and a car.
According to FINRA's BrokerCheck, JOHN M. BABIARZ was previously registered with the following securities firm(s):
Registered Dates Firm
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 financial losses due to your broker/financial advisor, call Soreide Law Group for a free consultation on how to potentially recover those losses at 888-760-6552. We represent clients nationwide before FINRA.
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