FINRA barred former Wells Fargo Advisors representative Matthew Christopher Maczko for excessive trading in four accounts belonging to a 93-year-old client. The alleged misconduct began in 2009 and continued through April 2016, when an investigation ultimately led to Maczko's termination from Wells Fargo in September. Maczko also allegedly provided inaccurate and misleading testimony that he had not communicated with former clients after his termination from the firm when, in fact, he had engaged in such communication.
The findings state that over the seven-year period, Maczko (CRD #1888519) effected over 2800 transactions in his elderly customer's accounts, generating $581,650 in commissions, $84,270 in additional fees, and $397,000 in trading losses. The report states that Maczko's activity was unsuitable for his elderly client and conflicted with the retiree's risk tolerance, investment objectives, and income needs.
Investigators wrote that Maczko effectively controlled these accounts, which contributed to the relative ease of his excessive trading activity.
Furthermore, Maczko allegedly continued to communicate with other seniors who were customers of his after his termination from Wells Fargo in September 2016. The report indicates that although Maczko testified that he had not spoken with two former customers since this termination, a review of Maczko's phone records revealed that he had in fact spoken with the two seniors by telephone "several times" after his discharge.
Maczko's BrokerCheck Report reveals a history of several customer disputes, including two recent claims—including one settled for $1 million—that Maczko engaged in unauthorized trading (generating excessive commissions), unsuitable investments, and misrepresentations. Even as far back as 1995, Maczko was a party to a settled complaint alleging unsuitable and unauthorized transactions; although Maczko denied the allegations.
If you have invested with former Wells Fargo Advisors rep Matthew Christopher Maczko, or with any broker or financial adviser whose excessive trading activity in your account has resulted in unreasonable and unnecessary liabilities, such as excessive commissions, fees, or realized trading losses, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.