Sayreville Financial Advisor Swindled Factory Worker Out Of Life Savings

SAYREVILLE, NJ - A financial advisor who lives in Sayreville was convicted by a federal jury Friday for defrauding his client, a former factory worker, out of his retirement savings and using the funds for his own benefit, Acting U.S. Attorney William E. Fitzpatrick announced. Jesse Holovacko, 39, of Sayreville, was convicted to six counts of wire fraud and one count of investment advisor fraud in Trenton federal court. The jury deliberated for approximately one hour before returning the guilty verdict.

Holovacko was an investment advisor at an unnamed financial institution located in New Jersey. In 2012, he went to the factory where the victim worked, met with the victim and some of his co-workers, and signed the victim on as a client, transferring the victim’s pension savings into an IRA. The victim entrusted Holovacko with managing his retirement savings.

From December 2013 through August 2014, Holovacko falsely told the victim that he would use retirement account funds to purchase bonds for him and advised the victim to transfer the retirement money to the victim’s bank account and then provide cashier’s checks made out directly to the financial advisor, telling the victim it would make it easier to purchase the bonds.

Based on these false representations, Holovacko obtained 18 cashier’s checks totaling approximately $255,000.

Holovacko deposited all of the cashier’s checks into his own personal bank account and spent it for his car loan and mortgage payments, dining out, concerts and clubs, baseball game tickets, as well as taking out approximately $150,000 in cash. In order to continue deceiving the victim, Holovacko promised the victim documentation of the purported investments in bonds.

The wire fraud charges on which Holovacko was convicted each carry a maximum potential penalty of 20 years in prison and a $250,000 fine.