- Associated Press - Saturday, April 29, 2017

TRENTON, N.J. (AP) - A former financial adviser accused of stealing a client’s retirement savings and using the funds for his own benefit has been convicted on seven counts of fraud.

Federal prosecutors say Jesse Holovacko faces up to 20 years in prison when he’s sentenced Aug. 8.

The 39-year-old Sayreville man met the victim, a factory worker, in 2012. The victim’s pension savings were transferred into an individual retirement account that Holovacko was supposed to oversee.

Holovacko told the man to provide him with cashier’s checks made out directly to him, saying it would make it easier to buy bonds. Holovacko eventually obtained 18 cashier’s checks totaling about $255,000.

Prosecutors say Holovacko deposited the checks in his own bank account, spending it on personal expenses including restaurant meals, car loan and mortgage payments and baseball games tickets.

He also withdrew $150,000 in cash.

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