June 11, 2015
FINRA Department of Enforcement filed Disciplinary Proceeding No. 2012031181001 against Scottsdale, AZ, broker John Anthony Waszolek alleging that he attempted to have his 81 year old customer who had been diagnosed with Alzheimer’s disease and dementia to bequeath nearly $2 million to him . The customer appointed him as trustee and residual beneficiary of her trust.
Waszolek, was registered with UBS Financial Services and then Morgan Stanley Smith Barney during the time period in question. Both of those firms had written procedures requiring a broker to report to the firm his appointment as a fiduciary, which he did not do.
FINRA alleges that Waszolek took unfair advantage of the elderly client by having her assign him as beneficiary at a time when he knew she lacked testamentary capacity.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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