Stoltmann Law Offices is investigating Patrick Mackaronis, against whom the Securities and Exchange Commission (SEC) filed a complaint in the District Court of New Jersey, alleging that Mackaronis recommended investments in a technology start-up company that was part of a fraudulent scheme. Allegedly he sold investments in the company while ignoring the risks of potential fraud. The SEC alleged that he blindly touted the investments. Mackaronis actually used investor money to pay for their mortgage, credit card bills, car leases, college tuition, landscaping and at casinos. Mackaronis was forced to pay $85,000 to disgorge the commissions he earned, $8,000 in interest, a $50,000 penalty and agreed to a three-year bar from the securities industry.
According to his Financial Industry Regulatory Authority (FINRA) online BrokerCheck report, Mackaronis was registered with Wells Fargo Advisors in Wayne, New Jersey from May 2008 until August 2012. He has three customer disputes against him and he is not licensed within the industry. Please call us today to discuss how you may be able to sue Wells Fargo in the FINRA arbitration forum on a contingency fee basis for investment losses.
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