Securities Fraud Investigation – John C. Maccoll – UBS Financial Services
According to a press announcement yesterday, the Securities and Exchange Commission has charged former financial advisor John C. Maccoll with defrauding his brokerage customers out of nearly $4 million in a long-running investment scheme.
According to the SEC’s complaint, Maccoll, who was affiliated with UBS Financial Services in Birmingham, Michigan, allegedly used high pressure sales tactics to solicit at least 15 of his retail brokerage customers to invest in what he described as a highly-sought-after private fund investment.
Most of the injured customers were reportedly elderly and retired and invested through their retirement accounts. Maccoll allegedly told his customers that the purported fund investment would allow them to diversify their portfolios, receive annual investment returns as high as 20%, and give them investment growth potential that was better than the growth they received in their brokerage accounts.
Instead of investing the customers’ funds, Maccoll allegedly stole it for his own personal use. In total, the customers purportedly invested nearly $4 million in the fraudulent scheme.
To conceal the scheme, Maccoll allegedly instructed his customers not to tell others about the purported fund investment. He purportedly provided some of his customers with fake account statements reflecting fictitious returns, and paid over $400,000 in Ponzi-like payments to certain of the customers to keep the scheme alive.
According to his FINRA BrokerCheck report, Maccoll was registered with UBS Financial Services in Birmingham, MI from January 2006 until he was fired in March 2018 ”after failing to cooperate into the Firm’s investigation that he misappropriated money from a client. FA later informed the Firm that he misappropriated funds from 13 clients.”
He has 16 disclosure events listed on his broker report, including 14 customer complaints.
Did you incur investment losses with John C. Maccoll?
The White Law Group is investigating potential securities fraud claims involving John C. Maccoll and the liability his former employer, UBS, may have for failing to properly supervise him.
Fortunately, those investors that incurred losses investing with Maccoll may be able to recover those losses through the FINRA arbitration process.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
For a free case evaluation or to discuss any other investment losses, please contact The White Law Group, at 888-637-5510, or visit us on the web atwww.whitesecuritieslaw.com.
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.