August 2018-Birmingham, Michigan
The FINRA records of John C. Maccoll, a stock broker who was last employed by UBS Financial Services , disclose that he was recently discharged by UBS after failing to cooperate with a FINRA investigation alleging that he misappropriated money from a client.
According to a complaint filed in Federal court by the Securities & Exchange Commission (SEC) , Maccoll defrauded at least 15 of his brokerage clients out of $4 million. Maccoll used high pressure tactics to convince his customers to invest, by telling them there was only a short window of opportunity.
According to the SEC complaint about $400,000 was used by Maccoll to make Ponzi-like payments to some of the customers to keep the scheme alive. The balance was used for Maccoll’s personal benefit.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Maccoll’s FINRA record discloses 11 prior customer disputes that were resolved by cash payments. Some of these prior cases were for unsuitable investments, including annuities and private placements.
There are two pending customer arbitrations by UBS customers seeking damages in excess of $1 million related to annuities and private placements.
Maccoll was employed by UBS Financial from 1/2006-3/2018.
If you have losses in an account handled by John C. Maccoll call for a no charge consultation to discuss your options for recovery of damages.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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