March 14, 2017 Comments (0) Blog, Securities Fraud

Matt Maczko Barred from Securities Industry

Aldo Comuzzi
(Last Updated On: July 25, 2017)

Concerned about investment losses with Matt Maczko?

According to FINRA, Matt Maczko (Oak Brook IL, CRD#: 1888519) allegedly engaged in excessive trading in four accounts of a senior customer. Additionally, on September 28, 2016, Maczko allegedly provided inaccurate and misleading testimony to FINRA staff during on-the-record testimony.

FINRA alleges between January 2009 and April 2016, Maczko made excessive transactions in four brokerage accounts of a customer, who is now 93 years old. According to FINRA, Maczko effectively controlled these accounts, which had an average aggregate value of $3 million. During this period, Maczko allegedly made over 2800 transactions in these accounts that generated approximately $581,650 in commissions, $84,270 in other fees, and approximately $397,000 in trading losses. This level of trading was allegedly unsuitable for his customer given her investment profile; including her age, risk tolerance, and income needs.

According to his FINRA BrokerCheck, Matt Maczko was registered with Wells Fargo Advisors in Oak Brook, IL from 02/15/2008 – 09/20/2016. He has six disclosures listed on his Broker Report including allegations of unsuitable investments and unauthorized trades. He was discharged from Wells Fargo Advisors in September 2016 for “adherence to industry standards of conduct based on concerns about the level of trading in a customer account.

For FINRA’s full findings see FINRA Case # 2016050430201.

Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning, that violate securities laws and regulations.

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

Recovery of Investment Losses

If you suffered losses investing with Matt Maczko, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.