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Stock Broker Tried To Swindle $1.8 Million From Client With Alzheimer's

Tyler Durden's picture




 

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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Tue, 06/16/2015 - 10:49 | 6201654 astoriajoe
astoriajoe's picture

Fed tries to swindle $1.8 trillion from muppets without Alzheimers.

Tue, 06/16/2015 - 10:54 | 6201678 NoDebt
NoDebt's picture

If I had done something like that my ticket would be pulled so fast my head would spin.  This motherfucker knows somebody.

Tue, 06/16/2015 - 10:58 | 6201702 Latina Lover
Latina Lover's picture

Sounds like he is perfectly qualified to lead the ministry of finance for the USSA puppet state of Ukraine.

Tue, 06/16/2015 - 11:02 | 6201712 Save_America1st
Save_America1st's picture

and no jail time or even loss of license either as usual.

Tue, 06/16/2015 - 11:11 | 6201761 Bobbo
Bobbo's picture

It's what we mean these days by "Land of the Free".

Tue, 06/16/2015 - 11:48 | 6201991 KnuckleDragger-X
KnuckleDragger-X's picture

Land of the freaks and home of the depraved......

Tue, 06/16/2015 - 11:43 | 6201962 JRobby
JRobby's picture

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.

Tue, 06/16/2015 - 11:04 | 6201718 NoDebt
NoDebt's picture

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

Tue, 06/16/2015 - 11:12 | 6201767 Grinder74
Grinder74's picture

That's right: they're just born that way.  So we must stop judging and telling them what's right/wrong, cuz teh gheys.

Tue, 06/16/2015 - 12:12 | 6202123 Government need...
Government needs you to pay taxes's picture

It isnt a choice, it's genetic!

Tue, 06/16/2015 - 13:53 | 6202551 HughBriss
HughBriss's picture

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??

Tue, 06/16/2015 - 11:15 | 6201790 thestarl
thestarl's picture

Hopefully karma gets this slob

Tue, 06/16/2015 - 11:25 | 6201845 Groundhog Day
Groundhog Day's picture

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

Tue, 06/16/2015 - 11:28 | 6201860 NoDebt
NoDebt's picture

Half the annuity salesmen in the world are ex-B/D guys who got drummed out of the industry for impropriety of some kind.

Tue, 06/16/2015 - 11:18 | 6201804 Winston of Oceania
Winston of Oceania's picture

Give it a rest Ivan...

Tue, 06/16/2015 - 11:17 | 6201799 Winston of Oceania
Winston of Oceania's picture

Knowing somebody gave him the balls to try it, not actually being connected prompted the transfer refusal...

Tue, 06/16/2015 - 12:24 | 6202189 Trogdor
Trogdor's picture

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....

Tue, 06/16/2015 - 10:54 | 6201684 freewolf7
freewolf7's picture

Tyler, I think you're on to something here. Could we get more personal data threads?

Tue, 06/16/2015 - 11:33 | 6201895 Amish FinEng
Amish FinEng's picture

Defamation is tricky business.

Tue, 06/16/2015 - 13:23 | 6202443 slyhill
slyhill's picture

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

Tue, 06/16/2015 - 11:00 | 6201708 Hail Spode
Hail Spode's picture

Yeah, he was thinking too small. That was his problem.

Tue, 06/16/2015 - 10:50 | 6201660 pods
pods's picture

Sounds like this guy used to be Kirby salesman.

pods

Tue, 06/16/2015 - 10:55 | 6201687 ebworthen
ebworthen's picture

It just fuckin' figures that Raymond James hired him.

Den of thieves!

Tue, 06/16/2015 - 11:00 | 6201711 Colonel Klink
Colonel Klink's picture

I believe they're owned by Wells Fargo.  Any surprise?

Tue, 06/16/2015 - 10:55 | 6201688 Dame Ednas Possum
Dame Ednas Possum's picture

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.

Tue, 06/16/2015 - 11:08 | 6201739 Dame Ednas Possum
Dame Ednas Possum's picture

Ha ha...I just sent the piece of shit a love letter through the 'contact us' facility of his employer's website.

Tue, 06/16/2015 - 10:51 | 6201664 mastersnark
mastersnark's picture

Oh...I thought maybe he tried to sell her his alibaba or twitter stock.

Tue, 06/16/2015 - 11:06 | 6201730 asteroids
asteroids's picture

What actually happened to the old womans money? Which thieving bankster has it now? Did it go to charity?

Tue, 06/16/2015 - 11:24 | 6201835 pods
pods's picture

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

Wed, 06/17/2015 - 01:19 | 6204594 mkhs
mkhs's picture

Don't forget lawyer fees and court costs.

Tue, 06/16/2015 - 10:51 | 6201666 Joebloinvestor
Joebloinvestor's picture

I thought crimes against the aged was deemed as abuse.

Tue, 06/16/2015 - 10:57 | 6201696 suteibu
suteibu's picture

Take a look at the dwindling savings of the elderly (thanks ZIRP).  Such crimes are now institutionalized.

Tue, 06/16/2015 - 10:52 | 6201668 The Merovingian
The Merovingian's picture

He should be decorating a lamp post.

Tue, 06/16/2015 - 10:52 | 6201669 JoeTurner
JoeTurner's picture

"We Alzhammered some folks !"

Tue, 06/16/2015 - 13:55 | 6202559 HughBriss
HughBriss's picture

Zing!

Tue, 06/16/2015 - 10:52 | 6201670 onewayticket2
onewayticket2's picture

just say you "identified" as JL.....all will be fine.

 

best,

Rachel Dolezar

Tue, 06/16/2015 - 10:54 | 6201677 ebworthen
ebworthen's picture

The American public appears to have Alzheimer's because Wall Street is robbing us blind, with the help of Uncle Sam.

Tue, 06/16/2015 - 11:05 | 6201679 JustObserving
JustObserving's picture

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.

 

Tue, 06/16/2015 - 10:54 | 6201680 BoPeople
BoPeople's picture

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.

Tue, 06/16/2015 - 10:54 | 6201681 Bill of Rights
Bill of Rights's picture

First mistake was her trusting someone else to manage her money...

Tue, 06/16/2015 - 11:01 | 6201713 Consuelo
Consuelo's picture

That is a mighty bitter pill to swallow BoR.   And it is True all the same.

 

Tue, 06/16/2015 - 10:55 | 6201683 Dr. Engali
Dr. Engali's picture

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.  

Tue, 06/16/2015 - 10:59 | 6201685 suteibu
suteibu's picture

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.

Tue, 06/16/2015 - 10:56 | 6201691 Itchy and Scratchy
Itchy and Scratchy's picture

Are you sure this dude doesn't work at the FED?

Tue, 06/16/2015 - 10:56 | 6201692 Boondocker
Boondocker's picture

Only the tbtf banks get to do that....paging Jon Corzine

Tue, 06/16/2015 - 10:57 | 6201694 Agent P
Agent P's picture

Wall Street motto:

"We want to combine your money with our experience, to turn it into our money and your experience." 

Tue, 06/16/2015 - 17:11 | 6203302 MrSteve
MrSteve's picture

aaand it's gone!

Tue, 06/16/2015 - 10:58 | 6201701 Colonel Klink
Colonel Klink's picture

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!

Tue, 06/16/2015 - 11:01 | 6201714 suteibu
suteibu's picture

I remember when they were called "bucket shops"  which seemed to be one step below pawn shops and just above prostitution.

Tue, 06/16/2015 - 11:16 | 6201751 Colonel Klink
Colonel Klink's picture

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.

Tue, 06/16/2015 - 10:58 | 6201703 Consuelo
Consuelo's picture

$$$money does strange things to people.

Tue, 06/16/2015 - 11:00 | 6201709 wmbz
wmbz's picture

"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!

Tue, 06/16/2015 - 11:01 | 6201715 ebworthen
ebworthen's picture

Hey asshole - you've got mail!

Tue, 06/16/2015 - 11:02 | 6201717 fast and furious
fast and furious's picture

This is small time crime.  Corzine is my man.  With impunity.  No $50K bonus needed with his move.  You go guy!!!

Tue, 06/16/2015 - 11:03 | 6201720 geotrader
geotrader's picture

John is the SENIOR Vice President.  Guess is the Vice President?  Never realized the name of Waszolek was so prevalent in banking.

Tue, 06/16/2015 - 11:06 | 6201732 Glass Seagull
Glass Seagull's picture

 

 

Piece of shit. 

 

In other news, both GS and SEC are fighting to hire this guy.

Tue, 06/16/2015 - 11:15 | 6201745 Colonel Klink
Colonel Klink's picture

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.
Tue, 06/16/2015 - 11:38 | 6201925 Baby Eating Dingo22
Baby Eating Dingo22's picture

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

Tue, 06/16/2015 - 11:50 | 6201967 Colonel Klink
Colonel Klink's picture

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!

Tue, 06/16/2015 - 12:34 | 6202232 oddjob
oddjob's picture

Claiming to be a race and a religion seems a bit greedy, not really a suprise considering.

Tue, 06/16/2015 - 11:15 | 6201791 taketheredpill
taketheredpill's picture

 

 

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".

 

 

Tue, 06/16/2015 - 11:20 | 6201812 not a yahoo
not a yahoo's picture

You're looking at it wrong. This was his actual qualification for SVP.

Tue, 06/16/2015 - 11:33 | 6201888 Baby Eating Dingo22
Baby Eating Dingo22's picture

BFD!!

He must be a greenhorn

Tue, 06/16/2015 - 11:45 | 6201975 Colonel Klink
Colonel Klink's picture

BFD!!

He must be a Greenberg!

FIFY

Tue, 06/16/2015 - 11:38 | 6201922 The Delicate Genius
The Delicate Genius's picture

the attorney who wrote up the poa ought to be disbarred.

 

Then fired out of a cannon into oncoming traffic. 

Tue, 06/16/2015 - 11:45 | 6201972 thisguyoverhere
thisguyoverhere's picture

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.

Tue, 06/16/2015 - 11:49 | 6202000 Reaper
Reaper's picture

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.

Tue, 06/16/2015 - 11:52 | 6202020 Colonel Klink
Colonel Klink's picture

ML, must be an abbreviation for Muppet Looters.  As in Bankruptcy of American Muppet Looters.

Tue, 06/16/2015 - 12:01 | 6202076 Panic Mode
Panic Mode's picture

I bet he can still sleep well at night.

Tue, 06/16/2015 - 12:09 | 6202102 SheepDog-One
SheepDog-One's picture

Year ago my dad was a broker with RJ&A, he said they were crooked and left.

Tue, 06/16/2015 - 12:09 | 6202105 orangegeek
orangegeek's picture

Hope this fucker gets killed soon.

Tue, 06/16/2015 - 12:10 | 6202110 Government need...
Government needs you to pay taxes's picture

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.

Tue, 06/16/2015 - 12:11 | 6202119 silverserfer
silverserfer's picture

I learned it by watching you dad!

Tue, 06/16/2015 - 12:15 | 6202137 Billy Sol Estes
Billy Sol Estes's picture

John Waszolek killed 5 hookers

Tue, 06/16/2015 - 12:16 | 6202142 Rastadamus
Rastadamus's picture

Wait, WHAT THE FUCK IS THIS ABOUT AGAIN?

Tue, 06/16/2015 - 12:18 | 6202153 kchrisc
kchrisc's picture

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..

Tue, 06/16/2015 - 12:27 | 6202200 SmilinJoeFizzion
SmilinJoeFizzion's picture

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

Tue, 06/16/2015 - 12:31 | 6202216 wildbad
wildbad's picture

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...

Tue, 06/16/2015 - 12:36 | 6202237 bluskyes
bluskyes's picture

so... business as usual?

Tue, 06/16/2015 - 12:41 | 6202259 OutaTime43
OutaTime43's picture

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.

Tue, 06/16/2015 - 12:42 | 6202262 basho
basho's picture

smiling scumbag.

roast in hell -- on a spit

Tue, 06/16/2015 - 13:10 | 6202393 corporatewhore
corporatewhore's picture

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.

Tue, 06/16/2015 - 13:23 | 6202453 tommylicious
tommylicious's picture

FUCK YOU, WASZOLEK!!!  BASTARD!!!!!!!!!!!!!!!!!!

Tue, 06/16/2015 - 13:40 | 6202514 DOGGONE
Tue, 06/16/2015 - 14:09 | 6202609 Mamzer Ben Zonah
Tue, 06/16/2015 - 14:42 | 6202766 caustixoid
caustixoid's picture

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.

Wed, 06/17/2015 - 01:33 | 6204616 mkhs
mkhs's picture

If you're having problems in your google search, try Dimon.

Tue, 06/16/2015 - 14:48 | 6202802 Jethro
Jethro's picture

Turn him into a human pinata.

Tue, 06/16/2015 - 14:53 | 6202824 Motorhead
Motorhead's picture

Hang that fucking ass wipe.  Or, it'd be nice to read about his suicide.

Tue, 06/16/2015 - 15:19 | 6202962 Bemused Observer
Bemused Observer's picture

I have a feeling that his stint at Raymond James will be ending shortly...

Tue, 06/16/2015 - 15:33 | 6203013 Zoomorph
Zoomorph's picture

Is there proof this was a swindle? All I see is some allegations and a lot of hate.

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