The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Matthew Maczko. Mr. Maczko was employed and registered with Wells Fargo Advisors, LLC, a national broker-dealer out of the firm’s Oakbrook, Illinois, from February 2008 to September 2016, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA). He was previously registered with UBS Financial Services, Inc. from November 1998 to March 2008, according to BrokerCheck records.
In 2017, Mr. Maczko was permanently barred from association with any FINRA member broker-dealer by FINRA, after submitting a Letter of Acceptance, Waiver and Consent No. 2016050430201. According to the AWC, Mr. Maczko violated NASD Rule 2310 and Rule 2111, both pertaining to suitability of investment recommendations, because from 2009 to 2016, Mr. Maczko “effected excessive transactions in four brokerage accounts of [a] customer … who is now 93 years old,” and “during this period, Maczko 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.” As the AWC went on, “[t]his level of trading was unsuitable.”
FINRA Suitability Rules require that recommendations made by the broker to the customer be suitable. This means that the broker must consider the investor’s age, investment experience, age, tax status, other investments, as well as other factors when making a recommendation to buy or sell securities.
In addition to this regulatory matter, Mr. Maczko has been made the subject of five customer complaints, according to BrokerCheck records, including two matter that have resulted in settlements, including one settlement in the amount of $1,000,000 in which the customer “alleged unauthorized trades and was unaware of the amount of commissions that she had incurred.”