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The law firm of Oakes & Fosher is currently investigating the possible negligence and/or misconduct of former securities broker Matthew Christopher Maczko. According to his publicly available FINRA BrokerCheck report, Matthew Christopher Maczko has been the subject of multiple customer disputes.

Matthew Christopher Maczko was an Illinois based securities broker. He worked in the securities industry for twenty-seven years. During his career, he was registered with two different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • UBS Financial Services (1988-2008)
  • Wells Fargo Advisors (2008-2016)

The Allegations

  • In May 2016, a customer alleged that Matthew Christopher Maczko executed unauthorized trades and failed to disclose the commissions that would incur. This case was settled for $1 million in damages.
  • In September 2016, customers alleged that Maczko recommended unsuitable investments and made material misrepresentations regarding said investments. This case was settled for $375,000 in damages.
  • In November 2016, another customer alleged unauthorized trading and excessive commission rates. This case was settled for $20,000 in damages.
  • In February 2017, Maczko was officially sanctioned by FINRA for allegedly excessively trading in the account of an elderly investor. As a result of these findings, Maczko was barred from acting as a securities broker in all capacities indefinitely.
  • In February 2018, a customer alleged that Maczko made unsuitable investment recommendations. This case is currently pending. The customer is seeking an undisclosed amount in damages.

What Does This Mean?

Securities brokers receive compensation through either charging a commission on every transaction, or by charging an annual fee to customers for managing the brokerage account.  Charging a commission on every trade can lead a broker to buy or sell more frequently in order to earn more compensation. This method of compensation can lead to a fraudulent method of trading known as churning, where securities brokers trade an investor’s account excessively with the intent of increasing the amount of compensation they receive through commission.  Churning can be incredibly harmful to investors as it prevents their principal from growing as expected, can result in a securities broker making unsuitable trades they might not otherwise, and it causes the customer to incur the highly unnecessary charges paid to the brokers as their commissions. These charges can very easily rack up and significantly drain an investor’s principal.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence or fraud. 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 who have lost money in this fashion. If you, or someone you know, have lost money investing with Matthew Christopher Maczko, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.