TRENTON, NJ – A smooth-talking financial advisor is trading pinstripes for prison stripes after being sentenced to 37 months behind bars for systematically looting a former factory worker’s retirement savings. Jesse Holovacko, 39, of Sayreville, New Jersey, was convicted on six counts of wire fraud and one count of investment advisor fraud following a five-day trial, Acting U.S. Attorney William E. Fitzpatrick announced today.
The scheme unfolded in 2012 when Holovacko targeted employees at a New Jersey factory, signing one victim up for an Individual Retirement Account (IRA) and gaining his trust. He then convinced the man to transfer his entire pension into Holovacko’s care, promising safe and secure investments. It was a promise quickly broken.
Between December 2013 and August 2014, Holovacko spun a web of lies, telling the victim he would purchase bonds with the retirement funds. He instructed the victim to send him 18 cashier’s checks, totaling a staggering $255,000, ostensibly to expedite the bond purchase. The victim complied, believing his future was being secured.
Instead of investing the money, Holovacko funneled the funds directly into his personal bank account. The stolen money wasn’t used for responsible investing; it was a slush fund for Holovacko’s lavish lifestyle. He spent it on car loan and mortgage payments, fine dining, concerts, baseball games, and even withdrew approximately $150,000 in cold, hard cash.
To keep the charade going, Holovacko dangled false promises of documentation proving the bond investments, perpetually delaying any real accounting. U.S. District Judge Michael A. Shipp, who handed down the 37-month sentence, also ordered three years of supervised release following Holovacko’s imprisonment. A hearing is scheduled for November 15, 2017, to determine the extent of forfeiture and restitution owed to the victim.
This case serves as a stark reminder of the vulnerability of retirement savings to predatory financial advisors. While Holovacko is facing the consequences of his actions, the victim is left to rebuild his financial future, a future stolen by a man entrusted with his security. The Department of Justice District of New Jersey continues to pursue justice for those victimized by financial crimes.
Related Federal Cases
- Victoria Metz, Embezzlement and Identity Theft, Albany GA, 2013 · Georgia
- Bridgette Williams, Identity Theft and Conspiracy, Macon GA, 2014 · Georgia
- Tadas Petrauskas, ID Theft, Pittsburgh PA, 2023 · Pennsylvania
- Lissette Delarosa, Watch Theft Scheme, Woodland Park NJ, 2023 · New Jersey
- William C. Reed III, Art Theft, Rock Hall MD, 2014 · Maryland
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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