Published On: February 10, 2017

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Matthew Maczko was accused of engaging in excessive trading in four accounts of a senior customer. This is against securities laws. Excessive trading, also referred to as “churning,” is a tactic used by brokers in order for them to generate large commissions in the accounts of their customers, typically resulting in losses and fees for the customer. Allegedly, between January 2009 and April 2016, Maczko effected excessive transactions in four brokerage accounts of a customer who was 93 years old. He effected 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 unsuitable for the customer because of her age, her investment profile, risk tolerance and income needs. A broker must take all these factors into account, and, if he does not, his firm may be liable for investment losses. For this, Maczko was barred from the industry.

Mr. Maczko was registered with UBS in Oakbrook Terrace, Illinois from November 1998 until March 2008 and Wells Fargo Advisors in Oak Brook, Illinois from February 2008 until September 2016. He has five customer disputes against him, one of which is currently pending. He is currently not registered within the industry. Please call our Chicago and Barrington, Illinois-based securities law firm at 312-332-4200 today to speak to an attorney about your losses. We may be able to help you bring a claim against Wells Fargo in the FINRA arbitration forum on a contingency fee basis in order to help you recover your investment losses. The call is free with no obligation.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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