[SEE UPDATE BELOW]
The federal Securities and Exchange Commission alleges a Little Silver man stole $9 million from a health and education charity set up with funds from a late client of his financial advisory services, according to a news release issued by the agency last week.
In a parallel action, the Manhattan District Attorney filed criminal charges against John Rogicki, the SEC said.
According to a report published Monday by OnWallStreet, the 67-year-old advisor was arrested on the criminal charges October 18. [Update: A posting on the New York Supreme Court website indicates that Rogicki has pleaded guilty to grand larceny and money laundering charges and is scheduled to appear for sentencing on December 14.]
Rogicki’s home address could not be immediately obtained early Tuesday. OnWallStreet reported that Rogicki’s attorneys did not respond to requests for comment.
From the SEC announcement:
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. 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.
According to the SEC, Rogicki resigned from the firm in January in connection with the agency’s investigation to his alleged activities.
Here’s the SEC complaint, filed in federal district court in lower Manhattan.
