SEC Bars Financial Adviser for Stealing $9 Million from Charitable Foundation
The Securities and Exchange Commission has barred New York-based investment adviser John H. Rogicki for his role in defrauding a non-profit charitable foundation out of $9 million.
The Securities and Exchange Commission has barred New York-based investment adviser John H. Rogicki for his role in defrauding a non-profit charitable foundation out of $9 million.
Rogicki, managing director and chief compliance officer of Train Babcock Advisors LLC, was convicted of stealing funds from a charitable foundation for 12 years to purchase real estate for his children and pay for his lavish lifestyle.
The charitable foundation was established by an elderly woman who wished to donate her estate to health and education causes following her passing in 2001 at the age of 97 years old.
Between 2004 and 2016, Rogicki, who also served as the foundation’s president and a trustee, liquidated securities positions in the foundation’s advisory account and made more than 200 unauthorized wire transfers from the foundation account to another account that he controlled.
Rogicki previously pled guilty to first degree grand larceny, was ordered to forfeit $2.5 million, and was sentenced to up to 90 months in prison in December 2017.
