Former Wells Fargo Broker Matthew Maczko Faces Additional Fraud Allegations
His most recent alleged transgression wasn’t his first
Earlier this year, the Financial Industry Regulatory Authority (FINRA) handed down a permanent ban to Matthew Maczko, a former Wells Fargo broker who had been accused of making excessive trades that earned him almost $600,000 in commissions. And because his client was near 90 when Maczko began handling her money, this may have constituted elder financial fraud.
In our original article, we mentioned that the allegations that resulted in FINRA’s ruling were not the first levied against Maczko. In addition to a $1M settlement stemming from reports of four years of unauthorized trading, there have been several other customer disputes:
- 1995: Maczko was accused of misrepresentation and unsuitable and unauthorized transactions that resulted in a $35,000 settlement.
- 2016: A client alleged that over an eight-year span, Maczko again engaged in misrepresentation and made unsuitable investments. This time the settlement amount was $375,000.
- Also in 2016: Another client settled for $20,000, charging Maczko with unauthorized and excessive trading, otherwise known as “churning.”
Maczko is now not allowed to act as a broker or have anything to do with firms that sell securities to the public, but that doesn’t mean he can’t face the consequences for his alleged actions. Anyone who believes they were taken advantage of by this former broker has the right to seek damages if he violated securities industry regulations while handling their investments. If you or a family member are in this category, your best option could be securities arbitration.
Your first step should be to talk to experienced securities arbitration attorneys. The lawyers at the Silver Law Group have helped many people recover money that was lost through unethical brokers and financial advisors, and we are familiar with all of the issues surrounding elder financial fraud in the financial services industry. We will give you a free consultation and explain exactly how the arbitration process works. Give us a call now at 800-975-4345 or just fill out our online contact form. The Silver Law Group is a contingency-based firm, which means we don’t ask for a fee unless you get money back.
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