JESSE HOLOVACKO Fraud Conviction Affirmed

JESSE HOLOVACKO Fraud Conviction Affirmed

The United States Court of Appeals for the Third Circuit affirmed Merrill Lynch financial advisor Jesse Holovacko’s (CRD#: 5112298, Edison, New Jersey) convictions of 6 counts of wire fraud and 1 count of investment advisor fraud, according to an unpublished Opinion filed July 22, 2019 in U.S.A. v. Jesse Holovacko, No. 17-3395. Evidently, Holovacko has been sentenced to more than 3 years in prison.

Jesse Holovacko Defrauds Merrill Lynch Retiree

When Holovacko worked for Merrill Lynch, he was responsible for handling a retired factory worker’s accounts containing $600,000 in savings. Evidently, Holovacko made 18 fund transfers, totaling $253,000, from the Merrill Lynch client’s accounts to accounts Holovacko owed. Later, Merrill Lynch investigated Holovacko for what the firm discovered as “irregularities” in the client’s account. Eventually, Holovacko apparently confessed to Merrill Lynch that he took the client’s money for personal use. As a result, Merrill Lynch disaffiliated with Holovacko.

Securities Regulators Bar Jesse Holovacko From Securities Industry

 
Notably, the Financial industry Regulatory Authority (“FINRA”) barred Holovacko in all capacities. According to FINRA, Holovacko did not respond to a 2014 request for information. FINRA then suspended him November 4, 2014. Apparently, Holovacko failed to request termination of his FINRA suspension within the time FINRA allotted. As a result, FINRA automatically barred him from acting as a broker or associating with a broker-dealer firm. Also, in 2015, New Jersey Bureau of Securities issued Holovacko a $75,000 fine and revoked his securities registration. Notably, the Bureau of Securities found that Holovacko engaged in a fraudulent investment scheme.

Holovacko’s Clients File Disputes About His Sales Practices

 
The FINRA BrokerCheck Report for Holovacko shows that 9 clients filed disputes about Holovacko. Apparently, 7 disputes settled through payments to clients. For example, the two most recent complaints, filed in 2016 and 2017, allege Holovacko misrepresented variable annuities when he worked for Merrill Lynch. Eventually, Merrill Lynch settled those complaints. Moreover, a 2015 investor complaint alleges Holovacko failed to disclose facts about a variable annuity, and sold an unsuitable annuity. Evidently, Merrill Lynch settled that dispute as well.

If you suffered losses by investing with broker Jesse Holovacko, contact Soreide Law Group at (888) 760-6552. Speak with experienced legal counsel about a possible recovery of your investment losses. Notably, Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. The firm represents clients on a contingency fee basis and advances all costs.