SEC Says Charity President Committed $9M Securities Fraud

Law360, San Jose (October 20, 2017, 5:54 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday sued the financial adviser to an education and health care foundation established by an elderly woman in Manhattan federal court, alleging he stole $9 million from the charity after becoming its president upon her death.

The SEC's complaint accuses John H. Rogicki of using his role as investment adviser to liquidate securities in the foundation's account and then stealing the proceeds by wiring the money to his personal accounts via the account of the deceased woman's estate, which he also controlled in his capacity as executor.

"Rogicki then used this money to cover his...

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