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SEC: Compliance officer stole $9M from charity

Jaclyn Jaeger | October 24, 2017

The Securities and Exchange Commission has charged a chief compliance officer with defrauding a non-profit charitable foundation out of $9 million.

The SEC alleged that John Rogicki, former managing director and chief compliance officer of Train Babcock Advisors (TBA), had been stealing funds from the charity for 12 years to purchase real estate and pay for his own lavish lifestyle. The charitable foundation was established by an elderly woman to donate her estate to health and education causes.

Rogicki had served not only as investment adviser to the charitable foundation, but also as its president and a trustee. 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.

“Rogicki’s fraud and betrayal of his client’s trust were anathema to his legal obligations and responsibilities as an investment adviser,” the...

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