John Waszolek charged by Arizona Corporation Commissioner.
On July 8, 2016 the Corporation Commissioner for the state of Arizona, acting through the Securities Division charged John Waszolek, a former registered representative with Morgan Stanley and Raymond James with violations of the Securities Act of Arizona, specifically section 44-1801.
The Securities Divisions’ complaint stems from an underlying FINRA Enforcement proceeding that found that Waszolek took advantage of an elderly client by having the client appoint Waszolek as a successor trustee and beneficiary of a lucrative trust, despite knowing of the client’s declining mental condition and lack of capacity.
FINRA also found that Waszolek hid his role as trustee from his employers in violation of firm and industry policy. As a result of these findings, FINRA barred Waszolek from the securities industry
The Arizona Corporation Commissioner’s action seeks to revoke Waszolek’s securities salesman registration and institute penalties against him.
John Waszolek’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration. John Waszolek has been barred by FINRA.
According to FINRA’s CRD disclosure report, John Waszolek has been the subject of two customer complaints and one regulatory investigation.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
FINRA’s rules require that all investment recommendations made by licensed financial advisors be suitable in light of a customer’s needs, objectives and risk tolerance. In addition, all registered representatives are required to be properly supervised, with periodic inspections and reviews by qualified supervisors, whose job it is to vigorously investigate suspicions of wrongdoing (red flags).
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.