Former UBS broker John MacColl was charged with defrauding more than 15 retail investors in a $4 million scheme. He used high-pressure sales tactics that targeted mostly elderly retirees, according to a complaint filed with the Securities and Exchange Commission (SEC) in federal court in Michigan. He persuaded clients to invest in a “highly-sought-after” private fund that would diversify their portfolios and provide investment returns as high as 20%, exceeding the returns they would receive with investments at UBS. Between 2008 and 2018, MacColl told investors to sell or take a line of credit out against the securities in their accounts and to deposit the money into their personal bank accounts, according to the complaint. He then told them to make checks payable to “Mac 011” or “Mac01”. He then added his name to the payee line and deposited the checks into his own account. Other criminal charges were filed in a federal court in Michigan this week. One victim invested her life savings and money from her deceased husband’s life insurance payout, which she was going to use to pay for college for her three children. MacCall spent the money on personal expenses, and about $410,000 was used to pay back other investors in a ponzi-scheme fashion.
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.