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Matthew Christopher Maczko: Six Customer Complaints

By June 15, 2017 No Comments

Matthew Christopher Maczko is a stockbroker who has worked in the securities industry for 27 years. During which time he has been registered with just two different firms. He worked at USB Financial Services from 1988 to 2008. After that, he worked at Wells Fargo Advisors from 2008 until 2016. He was recently barred by FINRA from acting as a securities broker or associating with any firm that buys and sells securities. The law firm of Oakes & Fosher represents investors seeking to recover losses due to stockbroker misconduct. Oakes & Fosher handles securities cases on a nationwide basis, and there are no attorney’s fees unless we collect for you.

Additional information about Matthew Christopher Maczko includes that he had been the subject of at least six customer complaints over his 27-year career. Half of those complaints were within the last year and alleged that Maczko made unauthorized trades,  excessively churned customer accounts, and made unsuitable investment recommendations. Churning is a serious fraudulent business practice whereby a stockbroker excessively trades a customer’s account for the purpose of generating commissions to the detriment of the customer.

The case that resulted in his termination from Wells Fargo Advisors and his expulsion from the securities industry was activity stretching from 2009 to 2016. One of his clients, a 93-year-old retired widow, had trust him with four accounts that totaled approximately three million dollars. During this seven-year period, Mr. Maczko took part in egregious churning of her accounts, racking up approximately $400,000 in losses. This churning was in addition to Mr. Maczko making trades without his client’s consent and misrepresenting and omitting material facts in his reports given to her.

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Oakes & Fosher wants to help those who have been hurt by Matthew Christopher Maczko. If you, or anyone you know, have lost money investing with Matthew Christopher Maczko, please contact us immediately for a free and private consultation. Oakes & Fosher dedicates its entire legal practice to representing investors across the nation.