PEABODY, Mass. — The secretary of state's office has charged a Peabody man with defrauding four elderly clients out of about $500,000.
Secretary of the Commonwealth William Galvin says in an administrative complaint Monday that John Michael Babiarz transferred his victims' assets to his personal and family accounts without their consent. Galvin says in his complaint that the 39-year-old Babiarz used the money for personal reasons, including at stores, restaurants and pharmacies, to pay taxes, and even to pay a bankruptcy attorney.
The alleged victims are all in their 70s and 80s.
According to the complaint, Babiarz worked for three broker-dealers from 2004 to September 2011 when he was fired due to customer complaints that he misrepresented the features of a certificate of deposit.
Babiarz tells The Salem News the allegations are false.
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