John Anthony Waszolek of Scottsdale Arizona a stockbroker formerly employed by Raymond James Associates Inc. is referenced in an Arizona Corporation Commission Order revoking his securities registration in the State of Arizona based on findings that Waszolek engaged in unethical practices in the securities industry through steering an investor with dementia towards making Waszolek a beneficiary of the customer’s estate. In the Matter of John Anthony Waszolek Docket No. S-20977A-16-0242 (Nov. 7, 2017).
According to the Order, Waszolek swayed JL – an elderly Arizona widow who suffered from dementia – into making changes to JL’s estate planning; specifically in which Waszolek would be named as a beneficiary of JL’s Trust. Evidently, the first attorney who was introduced to JL by Waszolek had refused to amend JL’s Trust, citing JL’s mental state. Subsequently, Waszolek reportedly discovered that at least two doctors confirmed that JL had Alzheimer’s disease and that JL was not able to protect herself from exploitation.
Nevertheless, Waszolek went to another attorney whom Waszolek knew for twenty years so that the amendment to JL’s Trust could be effected. That amendment reportedly redirected the Trust’s devise of $1,321,082.45 to Waszolek instead of charitable beneficiaries. In addition, Waszolek reportedly caused JL to make Waszolek the successor trustee of JL’s Trust upon JL’s death or incapacity.
Apparently, Waszolek withheld his fiduciary designation from his employer at the time, Morgan Stanley. Waszolek also reportedly lied about being a beneficiary of JL’s Trust when questioned on the firm’s annual compliance questionnaire. Morgan Stanley discharged Waszolek for failing to abide by the firm’s policies with respect to disclosures of Waszolek’s designations as residuary beneficiary and successor trustee of JL’s Trust. The Order stated that when Waszolek became registered with Raymond James Associates, he failed to be forthcoming with the firm about the nature of his termination from Morgan Stanley.
Waszolek was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that his conduct concerning customer JL was violative of FINRA Rule 2010. Department of Enforcement v. John Anthony Waszolek Disciplinary Proceeding No. 2012031181001 (July 13, 2015). Arizona Corporation Commission found that there were two independent grounds to revoke Waszolek’s securities registration: (1) Waszolek lacked integrity by engaging in unethical activities; conduct violative of A.R.S. §44-1962(A)(4); and (2) Waszolek was barred by FINRA in all capacities.
FINRA Public Disclosure confirms that Waszolek is referenced in two customer initiated investment related disputes containing accusations of his misconduct during the time that he was associated with Morgan Stanley and UBS Financial Services. Particularly, on December 3, 2008, a customer filed an investment related complaint involving Waszolek’s activities where the customer requested damages estimated to exceed $5,000.00 founded on allegations that omissions had been made to the customer concerning the customer’s ability to sell investments held in the customer’s investment portfolio; and the customer’s investment transactions were not timely executed. Thereafter, on June 26, 2012, a customer filed an investment related complaint concerning Waszolek’s conduct in which the customer sought damages estimated to exceed $5,000.00 supported by accusations that unauthorized sales of stock were executed in the customer’s account.
