Former Wells Fargo broker Matthew Maczko has been barred by FINRA for allegedly churning an elderly client’s accounts, according to reports. Maczko is accused of churning four accounts belonging to a client, who was over 90 years old, during a seven year period – ending in 2016. Per FINRA, more than 2,800 trades were made in the accounts resulting in losses of $397,000 for the customer, but roughly $666,000 in commissions and fees.
In September, Wells Fargo reportedly terminated Maczko because of concerns of overtrading in a customer account. Per his FINRA history, Maczko had no previous disciplinary actions against him since he was first registered in 1988.