The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Maccoll. According to his publicly available FINRA BrokerCheck report, John Maccoll has been the subject of numerous customer disputes.
John Maccoll was a Michigan based securities broker. He worked in the securities industry for forty years. During his career, he was registered with five different securities firms. He is not currently working as a registered securities broker in any fashion.
His Registrations
- Hornblower, Weeks, Noyes, & Trask (1977-1978)
- Loeb Parnters (1978-1979)
- E.F. Hutton & Company (1979-1985)
- Morgan Stanley (1985-2006)
- UBS Financial Services (2006-2018)
The Allegations
- In April 1990, a customer alleged that John Maccoll executed unauthorized trades, engaged in forgery, and recommended unsuitable investments. This case was settled for $70,000 in damages.
- In March 1996, a customer alleged that John Maccoll engaged in fraud and breached his fiduciary duty. This case was settled for $49,000 in damages.
- In June 2008, customers alleged that John Maccoll misrepresented the features of six variable annuities they purchased. This case was settled for $45,000 in damages.
- In October 2013, a customer alleged that John Maccoll made unsuitable investment recommendations. This case was settled for $42,500 in damages.
His career came to an end in March 2018, when he was discharged from his position at UBS Financial Services. This followed allegations that he misappropriated money from a client. After the allegations were brought to light, Maccoll informed his member firm, that he had actually misappropriated funds from thirteen clients. Those clients all filed complaints against UBS Financial due to Maccoll’s alleged actions. These complaints are listed as follows.
- In March 2018, a customer alleged that John Maccoll committed fraud. This case was settled for $173,892 in damages.
- Also in March 2018, a customer alleged that he was led to believed that John Maccoll was going to place his money in more suitable investments. This was allegedly never done and the customer lost his entire UBS retirement account. The customer also alleged they experienced major tax consequences. This case was settled for $348,347 in damages.
- Also in March 2018, a customer alleged that she gave funds to John Maccoll to invest in an “outside investment. She only received $40,000 returned to her despite allegedly being told by Maccoll that the account was worth considerably more. This case was settled for $239,801 in damages.
- Also in March 2018, a customer’s daughter, on behalf of her father, alleged that Maccoll defrauded her father. This case was settled for $900,53 in damages.
- In April 2018, a customer alleged that John Maccoll misappropriated their funds, mismanaged their account, and falsely told them they would receive a huge return on their investment. This case was settled for $942,520 in damages.
- In May 2018, an attorney, on behalf of a couple, alleged that John Maccoll led his clients astray and preyed up on them. This case was settled for $131,430 in damages.
- Also in May 2018, a customer alleged that John Maccoll misappropriated funds fund by allegedly having her write a check to his personal account. This case was settled for $95,791 in damages.
- In July 2018, a customer alleged that John Maccoll systematically withdrew funds from their account and diverted those funds to his own accounts through a fraudulent scheme. This case was settled for $545,251 in damages.
- In August 2018, a customer alleged that John Maccoll misappropriated their funds. This case was settled for $158,163 in damages.
What Does This Mean?
According to a sanction from the United States Securities and Exchange Commission, John Maccoll defrauded these customers out of almost $4 million. He allegedly made fraudulent misrepresentations and used high pressure sales tactics to convince these customers, most of whom were retired and elderly, to invest in an alternative private investment that he described as a highly lucrative and sought after. He allegedly told these affected customers that they could receive returns as high as 20 percent. According to the findings, Maccoll never even invested the money, but rather stole it for his own personal use. In an effort to keep the scheme going and avoid being caught, John Maccoll allegedly told these customers not to tell anyone else about this investment. He also allegedly provided these customers with falsified statements about their supposed investments that showed fictitious returns and allegedly made $400,000 in Ponzi-like payments to specific customers. Due to these alleged actions, he was barred by the Securities and Exchange Commission from acting as a securities broker in any fashion.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with John Maccoll, please contact Oakes & Fosher for a free and private consultation.
