Financial Adviser Steals Client’s Retirement Money

A former financial advisor was convicted last week of defrauding his client, a former factory worker, and diverting his retirement savings to pay down loans, dine out and buy tickets to clubs, concerts and ballgames.

The former adviser, Jesse Holovacko, 39, of Sayreville, N.J., faces up to 20 years in prison on each of six counts of wire fraud and up to five years on one count of investment-adviser fraud at a sentencing set for Aug. 8.

Prosecutors say that in 2012, Holovacko went to a factory to recruit the victim and co-workers as clients. Read More