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Written by 3:28 pm Securities Fraud Articles

Matthew Maczko Barred from Securities Industry

Financial Advisor Promissory Note Securities Litigation Representation, featured by Top Securities Fraud Attorneys, The White Law Group

Concerned about investment losses with Matthew Maczko?

According to FINRA, Matthew Maczko (Oak Brook IL, CRD#: 1888519) was barred from the securities industry for allegedly engaging 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, Matthew 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.

Recovery of Investment Losses

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.

If you suffered losses investing with Matthew 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, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

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




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