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Stock Broker Tried To Swindle $1.8 Million From Client With Alzheimer's
Submitted by Daniel Drew from Dark Bid
On Wall Street, no wolf is too big, and no sheep is too small.
At least Jordan Belfort didn't target the mentally incapacitated. This real life Wolf of Wall Street is several thousand miles away from New York in Scottsdale, Arizona, the wannabe Hamptons of the southwest. As Investment News reports, the Financial Industry Regulatory Authority (FINRA) has accused John Waszolek of making himself the beneficiary of an 81-year-old client's estate. She wanted the money to go to charity, but he thought the money should go to his own account. That's the kind of asset allocation the financial industry understands best.
JL was a widow, and she had been Waszolek's client since 1982. When he noticed her mental state deteriorating, he suspected something was wrong. In 2008, he drove her to the doctor just to make sure. She received an Alzheimer's diagnosis. Just one month later, he met with an attorney to give himself power of attorney over her financial affairs. The trust was amended so he would be a beneficiary. One day later, he resigned from UBS after 30 years at the firm. Then he transferred his business to Morgan Stanley. He did not inform either UBS or Morgan Stanley that he was a beneficiary of her estate, which is a violation of FINRA rules.
Waszolek's plan unraveled in 2010 after JL died. As Investment News reports,
A bank that was set to distribute funds from the trust refused to do so unless Morgan Stanley approved the transfer of the assets from the trust account at Morgan Stanley to the broker. Morgan Stanley denied the request, and reprimanded Mr. Waszolek, according to Finra. He was discharged from the firm in December 2011 for "concerns regarding failure to follow policies and disclosures regarding a client's testamentary bequest to the adviser," according to his U5.
Unlike many honest struggling Americans who are part of the long-term unemployed, Waszolek found a job only 2 months later. In February 2012, Raymond James decided Waszolek was solid material. They even issued a press release in his honor:
Financial advisors John Waszolek and his son Eric Waszolek recently joined the Scottsdale, Ariz., office of Raymond James & Associates (RJ&A), according to Tash Elwyn, Private Client Group president of RJ&A - the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF).
"It's an honor to welcome John and Eric to Raymond James," said Elwyn. "Their talent and experience will be an asset to our firm. They share our firm's values of independence and conservative management and will enhance our ability to deliver excellent service and professional advice to our clients."
John and Eric Waszolek joined Raymond James from Morgan Stanley Smith Barney, where they managed $200 million in client assets and had more than $800,000 in annual production.
Not only did Waszolek get a new job - he also received $50,000. Investment News reports,
The action ultimately resulted in a settlement in which Mr. Waszolek received $50,000. Finra did not specify who paid the $50,000 but said that the funds did not come from JL's estate. As part of the settlement, however, Mr. Waszolek agreed that the JL trust amendment was "invalid by reason of [JL's] incapacity."
I found his webpage at Raymond James. If you want, you can congratulate him on his successful career hijacking widows' estates.
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Fed tries to swindle $1.8 trillion from muppets without Alzheimers.
If I had done something like that my ticket would be pulled so fast my head would spin. This motherfucker knows somebody.
Sounds like he is perfectly qualified to lead the ministry of finance for the USSA puppet state of Ukraine.
and no jail time or even loss of license either as usual.
It's what we mean these days by "Land of the Free".
Land of the freaks and home of the depraved......
He should have his hands and feet cut off, allowed to live without them for a year, then guillotined and head piked. That would be a deterrent. Not this ass clown joke squad they call enforcement. Fucking tools.
Quick war story:
I remember years back there was a broker decided to sign a bunch of shit for his elderly "client" without her knowlege. Nothing on this level, just a little account "churning" to make some commissions. He wrote her signature all shaky and squiggly like he thought a now 80+ year old client would. Unfortunately for him, she was an elementary school handwriting teacher for 30+ years before retiring and still had a BEAUTIFUL, FLOWING, PERFECT CURSIVE signature.
Oops.
Did they ban him for life? No, little black mark, return the ill-gotten gains and dismissed from the firm. He later moved to the Southwest somewhere, I forget where and got another job in the biz. Few years later he was indicted for embezzlement and found guilty. They didn't let him off easy this time. He went to prison and was finally barred from the biz for life.
They're like pedophiles. They will NEVER stop behaving like that. Best to shut them down early rather than wait until they do something really big and nasty to somebody.
Two things I know for sure:
1. OJ will kill again
2. This guy will rip somebody off again
That's right: they're just born that way. So we must stop judging and telling them what's right/wrong, cuz teh gheys.
It isnt a choice, it's genetic!
Why aren't psychopaths a protected class of citizenry...? It just isn't fair! Why can't you just love me for who i am??
Hopefully karma gets this slob
i know of a guy back in the tech bubble days that churned some 2 million a year in commissions trading tech stocks he knew nothing about. after some non formal complaints from cllients on the size of the commissions and the frequemcy of the trades he decided to do the right thing.
He started trading nasdaq stocks he could mark up and down (which was allowed back then) so the clients couldn't easily see the commission.
He was forced out in 2002 and ended up in the sub prime mortgage lending game where i'm sure he made millions again
Half the annuity salesmen in the world are ex-B/D guys who got drummed out of the industry for impropriety of some kind.
Give it a rest Ivan...
Knowing somebody gave him the balls to try it, not actually being connected prompted the transfer refusal...
If I had done something like that my ticket would be pulled so fast my head would spin. This motherfucker knows somebody.
I don't think it's so much that he knows somebody, it's more the class of crime he's committed. It really goes to show that if you're a psychopath and you steal/embezzle/swindle several million from "regular" people, you don't even get a slap on the wrist. Conversely, if you're a desperate person who knocks over a corner store or small bank for $4K, you'll find yourself on a rocket sled to the big house for a long stay. The "moral" of the story is: Steal as much as you can from regular people and you're golden - you're part of the club. Steal from a BANKER and you're going down.
It's really too bad that "PL" doesn't have some nice relatives with some select training and a nasty disposition toward utter filthy scumbags. He deserves to wake up in the desert in a 55 gallon drum ... or maybe just a few rounds with a Paslode framing nailer would do....
Tyler, I think you're on to something here. Could we get more personal data threads?
Defamation is tricky business.
He's accepting new clients:
John Waszolek
Raymond James & Associates, Inc.
Advisor Type: Registered Rep
Years of Experience: 39
Address:
14850 N Scottsdale Rd
Ste 155
Scottsdale, AZ 85254
Phone: 480-365-6885
Yeah, he was thinking too small. That was his problem.
Sounds like this guy used to be Kirby salesman.
pods
It just fuckin' figures that Raymond James hired him.
Den of thieves!
I believe they're owned by Wells Fargo. Any surprise?
Years ago while still a student in banking and finance he stole the gold fillings out of his grandmother's teeth...then rehypothecated them a few hundred times.
Ha ha...I just sent the piece of shit a love letter through the 'contact us' facility of his employer's website.
Oh...I thought maybe he tried to sell her his alibaba or twitter stock.
What actually happened to the old womans money? Which thieving bankster has it now? Did it go to charity?
Nope, the state, hearing about these shenanigans, filed a civil case against the money in transit, and now only the dead widow can properly claim it.
Civil forfeiture FTW.
pods
Don't forget lawyer fees and court costs.
I thought crimes against the aged was deemed as abuse.
Take a look at the dwindling savings of the elderly (thanks ZIRP). Such crimes are now institutionalized.
He should be decorating a lamp post.
"We Alzhammered some folks !"
Zing!
just say you "identified" as JL.....all will be fine.
best,
Rachel Dolezar
The American public appears to have Alzheimer's because Wall Street is robbing us blind, with the help of Uncle Sam.
All of Wall Street has been a swindle since all the regulators got captured.
Now 1 out of 3 elderly Americans dies with either dementia or Alzheimer's - so this crime will become far more common.
Besides, brokers deserve an edge for all the long hours they put in on the golf course.
I like slime being called out by name. We should have more of that. Unfortunately this guy was a little fish. He tried to steal a lot less than Jon Corzine and BOTH should be rotting in jail.
First mistake was her trusting someone else to manage her money...
That is a mighty bitter pill to swallow BoR. And it is True all the same.
I hate the fucking criminals like this. We had a guy in town who had so many violations on his U-4 (one from his own grandmother) that it would make your head spin. He moved out of town into a larger city and the next thing I knew he was featured on the cover of Registered Rep because he was a major producer. Fucking disgusting that people like this remain free and can keep their license.
Still....no one goes to jail. And it only took 50k. The price for owning the government gets less expensive every day.
The upside is that it is falling into my price range, so there's that.
Are you sure this dude doesn't work at the FED?
Only the tbtf banks get to do that....paging Jon Corzine
Wall Street motto:
"We want to combine your money with our experience, to turn it into our money and your experience."
aaand it's gone!
There's a reason why the call them Stock "BROKERS". If they really did much, wouldn't they call them Stock Richers?
Fuck the rigged financial markets!
I remember when they were called "bucket shops" which seemed to be one step below pawn shops and just above prostitution.
Yep, I'm sure they're happy to relieve you of your money by the bucket full.
At least with prostitution you know you're going to get fucked. Who knew there was more truth in the oldest profession than in the financial industry.
$$$money does strange things to people.
"It's an honor to welcome John and Eric to Raymond James," said Elwyn.
~ Of course it's an "honor" to welcome a couple of fucking lowlife thieves into your den! Birds of a feather, flock together.
Assholes all, who should one day be at the downstairs BBQ roasting on a spit!
Hey asshole - you've got mail!
This is small time crime. Corzine is my man. With impunity. No $50K bonus needed with his move. You go guy!!!
John is the SENIOR Vice President. Guess is the Vice President? Never realized the name of Waszolek was so prevalent in banking.
Piece of shit.
In other news, both GS and SEC are fighting to hire this guy.
Sure looks like this is the son: http://www.whitepages.com/name/Eric-Waszolek/Scottsdale-AZ/ac3sywm
And after a few google searches it sure does seem like Waszolek is a tribal name, and I ain't talking injun!
EDIT: I love this at the top of the RJ page:
Waszolek Wealth Strategies of Raymond James.Yeah, his wealth strategy! Jew old ladies out of their money.
Would you like a 12 page list of Irish Catholic judges in the lower 48 that conspire with their pals to loot estates?
Google "Probate Abuse"
Clowns like you need to realize religion isn't the driver of greed. There are good and bad in every bunch, no matter the sex, race, religion etc
Nope, no need. Catholicism another religion created to control fellow man. Get it right Judiasm isn't supposed to be a religion but a race to them. As for the clown comment, you're right. I'm using satire, sarcasm, and truth to point out what so many are missing about who's disproportionately fucking them over financially on Fraud street. Please feel free to google for facts of the matter. Until then my friend, stay ignorant!
As for the rest, funny how 2-3% of the population is bent to financial theft, corruption, control over so much. Including but not limited to finance, media, entertainment, MIC, and politics.
Thanks for stopping by with your opinion. Just remember they're like assholes. Everyone has one, and most of them stink. Act accordingly!
Claiming to be a race and a religion seems a bit greedy, not really a suprise considering.
This guy definitely makes the "All Star" team. Best to hold off on any verbal abuse for a couple of weeks then change the email to "@gs.com".
You're looking at it wrong. This was his actual qualification for SVP.
BFD!!
He must be a greenhorn
BFD!!
He must be a Greenberg!
FIFY
the attorney who wrote up the poa ought to be disbarred.
Then fired out of a cannon into oncoming traffic.
Man you guys at ZH are so racist. Look at that baby face, how dare you! And he's (name the nation ), for gawd sakes maan, don't you know how those (still haven't found it) have suffered, invasion after invasion. Have you no sense of historical karma. She was likely a German work camp supervisor in a munitions factory in another life. Whats that . . . rubbish you say? It doesn't matter, you simply have no ethnic sensitivity its all justified. You likely should be re-educated . . . wait that sounds familiar.
Nothing changed. 30 years ago, a ML broker refused to allow a transfer of stocks into a trust set up by my mother, because he claimed he was trading without authorization in her account and would control all disbursements. Legal action forced ML to release the all the funds, but management took no action against the broker.
ML, must be an abbreviation for Muppet Looters. As in Bankruptcy of American Muppet Looters.
I bet he can still sleep well at night.
Year ago my dad was a broker with RJ&A, he said they were crooked and left.
Hope this fucker gets killed soon.
The Golden Sack does this every day, on an exponential scale. But just like Presidential drones, the Sack does it impersonally/anonymously. At least this guy drove his mark to the doctor to get the Alzheimers diagnosed. Call it the crook that cares.
I learned it by watching you dad!
John Waszolek killed 5 hookers
Wait, WHAT THE FUCK IS THIS ABOUT AGAIN?
Shouldn't we all be calling and emailing him?
Don't want him to forget what a piece of shit criminal he is, do we?!
Liberty is a demand. Tyranny is submission..
this is the kind of shit that gets you promoted on Wall St- This guy probably earned himself Presifdents Club and a week in Hawaii on the house
Hi , You don't know me but I'd like to talk to you about some safe investing strategies..
next day...
Hi , You don't know me but I'd like to talk to you about some safe investing strategies..
next day...
Hi , You don't know me but I'd like to talk to you about some safe investing strategies..
next day...
Hi , You don't know me but I'd like to talk to you about some safe investing strategies..
next day...
Hi , You don't know me but I'd like to talk to you about some safe investing strategies..
next day...
so... business as usual?
Anyone want to guess where the money will end up? If a probate judge determines that there are no heirs , then it goes to the state. So much for her desire to have it go to charity.
smiling scumbag.
roast in hell -- on a spit
30 years in this area, now retired, and it still is the same. higher ups will excuse anything as long as sales goals exceeded. Psychopaths and Sociopaths please apply. Turn a blind eye if you know something isn't all right and deliberately avoid any knowledge thereof.
On a general nuttiness level, insurance agents are #1.
Stockbrokers are nothing but used car salesmen, former butchers or elementary school teachers who have to have more things to impress people.
Financial Planners actually have some knowledge. However they're also focused on sales goals which taint any objectivity.
Here's a rule to follow in order to avoid the thiefs: dont invest with anyone who drives a high end vehicle. don't invest with anyone who lives in a mansion. don't invest with friends or family. don't invest with someone who sends their children to exclusive schools. avoid investing with someone who belongs to a country club.
Someone has to support their lifestyle and it might as well be you.
FUCK YOU, WASZOLEK!!! BASTARD!!!!!!!!!!!!!!!!!!
"Stop whoring for Wall Street"
http://www.showrealhist.com/yTRIAL.html
http://patrick.net/?p=1223928
Here's a link to Eric's neighbours:
http://www.whitepages.com/neighbors/80e19a43-decc-4071-9b98-5d0823c6a18c
It might be cathartic to harrass this guy, but where is Jaime Diamond's contact? or Lloyd Blankfein's? this guy is basically a pickpocket compared to those mafiosos.
If you're having problems in your google search, try Dimon.
Turn him into a human pinata.
Hang that fucking ass wipe. Or, it'd be nice to read about his suicide.
I have a feeling that his stint at Raymond James will be ending shortly...
Is there proof this was a swindle? All I see is some allegations and a lot of hate.