A New York City investment advisor has been charged with stealing $9 million from a foundation created by an elderly woman who wanted to help education and health causes, the Securities and Exchange Commission announced Monday.
John Rogicki, former managing director and chief compliance officer of Train Babcock Advisors LLC, had been stealing funds from the charity for a dozen years to purchase real estate and pay for his own lavish lifestyle, the SEC charges. A former resident of New York City, he now lives in Little Silver, N.J.
Rogicki has served not only as investment advisor to the charitable foundation but also as its president and a trustee, and he allegedly took advantage of his roles by liquidating securities positions in the foundation's advisory account and transferring the money for his personal benefit, the SEC complaint says. He also has been charged criminally by the Manhattan District Attorney’s office.