Adviser sentenced for stealing client’s retirement savings
TRENTON, N.J. (AP) — A former financial adviser convicted of stealing a client’s retirement savings and using the money for his own benefit is now headed to prison.
Jesse Holovacko received a 37-month sentence Wednesday. He also will have to pay restitution, which will be determined at a court hearing next month.
The 39-year-old Sayreville man was convicted in April on seven counts of fraud.
Federal prosecutors say Holovacko met the victim, a factory worker, in 2012. Holovacko told him to provide him with cashier’s checks made out directly to him, saying it would make it easier to buy bonds.
Holovacko eventually obtained 18 cashier’s checks totaling about $255,000.
Prosecutors say Holovacko deposited the checks in his own bank account, spending it on personal expenses including restaurant meals, car loan and mortgage payments and baseball games tickets.
He also withdrew $150,000 in cash.