John Rogicki Charged with Stealing $9 Million
On October 19, 2017, the U.S. Securities and Exchange Commission (“SEC”) charged John Rogicki, a New York-based investment adviser, with defrauding a non-profit charitable foundation out of $9 million.
The SEC alleges that John Rogicki, managing director and chief compliance officer of Train Babcock Advisors LLC, has been stealing funds from the charity for a dozen years to purchase real estate and pay for his own lavish lifestyle. According to the SEC’s complaint, the charitable foundation was established by an elderly woman to donate her estate to health and education causes. John Rogicki has served not only as investment adviser to the charitable foundation but also as its president and a trustee, and he allegedly took advantage of his roles by liquidating securities positions in the foundation’s advisory account and transferring the money for his personal benefit.In a parallel action, the Manhattan District Attorney brought criminal charges against John Rogicki.
The SEC’s complaint, filed in federal district court in Manhattan, charges John Rogicki with violating Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The SEC seeks a permanent injunction, disgorgement and prejudgment interest, and penalties against John Rogicki.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
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