INVESTOR ALERT: John Maccoll of UBS Sentenced To Nine Year Prison Term For Defrauding Seniors
In a related action, the Securities and Exchange Commission ("SEC") barred Maccoll from the securities industry in virtually all capacities for allegedly committing securities fraud. The regulator issued the Order on December 3, 2018 in Case #: 3-18911.
Previously, on November 28, 2018, SEC obtained a judgment in Case #: 2:18-cv-12473-
SEC Complaint Alleges Maccoll Stole $3,700,000.00 From Seniors, Retirees
Between 2008 and 2018, according to the SEC's Complaint, Maccoll lied and used overly aggressive sales approaches when soliciting customers' purchases of investments. Maccoll allegedly told customers that their assets would be diversified in a highly attractive portfolio paying as much as twenty percent in annual returns while achieving more growth than securities UBS offered. The SEC indicated that a majority of the customers Maccoll harmed were seniors who relied upon their retirement savings to get by.
SEC alleged that Maccoll purportedly instructed his customers to stay quiet about the alternative investments he recommended. On top of that, SEC claimed that he gave customers fake account statements, convincing them that their investments were faring well. SEC further claimed that Maccoll made Ponzi Scheme like payments totaling $400,000.00 to some customers to sustain the fraud.
FINRA Bars Maccoll For Failing To Respond To Inquiry
Preceding the SEC's action against Maccoll, the Financial Industry Regulatory Authority ("FINRA") barred him on July 2, 2018 for failing to respond to its request for information. Also, UBS Financial Services Inc. disaffiliated with Maccoll on March 15, 2018 alleging Maccoll's failure to cooperate with regulators investigating his misappropriation of customer funds.
There are seventeen instances where customers contested Maccoll's fraudulent activities or bad sales practices. Here is a summary of some recent disputes:
October 22, 2018 Arbitration Alleging Maccoll's Misrepresentation, Excessive Trading
Customers of UBS Financial Services brought FINRA Arbitration #: 18-03288 on October 22, 2018. Allegedly, Maccoll made bad investment recommendations, misrepresented investments, and excessively traded in customers' investment accounts. Supposedly, Maccoll engaged in these sales practice violations from 2006 through 2018 while serving as customers' financial advisor. Accordingly, customers alleged $750,000.00 in damages in this unresolved matter.
August 16, 2018 Complaint Alleging Maccoll's Misappropriation Of Customer Funds
UBS Financial Services reported that a customer filed a complaint on August 16, 2018 in regard to Maccoll's activities. Allegedly, Maccoll misappropriated the customer's funds through a private placement scheme. The customer claimed Maccoll's misappropriation occurred from October 1, 2015 to August 16, 2018. Because of this, the firm opted to settle the complaint by paying the customer $158,163.76.
July 12, 2018 Complaint Alleging Maccoll's Fraudulent Scheme
A customer of UBS Financial Services brought a complaint on July 12, 2018 alleging Maccoll's fraudulent activities. Supposedly, when Maccoll was the customer's financial advisor, he withdrew money from the customer's account and placed the funds in a fraudulent scheme. The customer claimed that Maccoll engaged in the fraud from January 3, 2011 to December 30, 2016. All things considered, UBS Financial Services paid the customer $545,251.30 to settle the customer's claim.
If you have incurred losses by investing with UBS Financial Services broker John Maccoll, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents customers on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms. For more information visit https://www.securitieslawyer.com