• August 10, 2018
• UBS Financial Services, Inc.
• Broker Discipline
• Fraud
• Sanction
• Theft

The Wolper Law Firm, P.A. is currently investigating claims against John Maccoll, a former Financial Advisor at UBS Financial Services in Birmingham, Michigan.  John Maccoll has been in the securities industry since the 1970s and previously worked for Morgan Stanley

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on March 29, 2018, John Maccoll was barred by FINRA for failing to respond to a request for information by FINRA, which was investigating his sales practices.  It was alleged that John Maccoll “misappropriated money from a client,” which was the basis of his termination by UBS in March 2018.  A copy of the SEC complaint can be accessed by clicking https://www.sec.gov/litigation/complaints/2018/comp24230.pdf.

On August 9, 2018, the Securities and Exchange Commission (SEC) filed a complaint against John Maccoll, alleging that he “defrauded at least 15 of his retail brokerage customers.”  The matter remains pending.

In addition, John Maccoll has been the subject of fourteen (14) customer complaints during his career.  This is an exceedingly high number of customer complaints against a single broker.  Among the complaints against John Maccoll include:

• July 2018—“Client alleges that the former FA systematically withdrew funds from the account and diverted those funds to a fraudulent scheme.” Alleged damages are $690,000 and the matter remains pending.
• May 2018—“Client alleges that FA told her to write out a check to JMACO11 as this would be a good way to hide the funds and protect them.” The matter was settled for $95,791.
• May 2018—“Client’s attorney alleges FA led his client’s astray and preyed upon them…” The matter was settled for $131,430.
• April 2018—“Client alleges misappropriation, mismanagement and being told they would get a huge return on the investment and losses.” The matter was settled for $942,520.
• March 2018—“Client alleges “the financial advisor defrauded her father.” Alleged damages are $820,231 and the matter remains pending.

There are several additional complaints, alleging unsuitability, fraud and misrepresentation.  To review the entire disclosure history for John Maccoll, click https://brokercheck.finra.org/individual/summary/839441#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm (in this case Fairport Capital) has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of John Maccoll and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.