Former Wells Fargo Advisors Broker, Matthew Christopher Maczko, Barred by FINRA

Each month Soreide Law Group reviews FINRA’s Disciplinary Report and finds many of the same types of incidents over and over again involving the elderly.  We are here to help the clients of these brokers, many losing their very valuable retirement savings. It is particularly difficult when we learn of yet another elderly client being taken advantage of by an unscrupulous broker.  We represent our clients nationwide before FINRA on a contingency fee basis. The following is from FINRA’s April 2017 Disciplinary Report:
Matthew Christopher Maczko (CRD #1888519, Downers Grove, Illinois)
was barred by FINRA for allegedly engaging in excessive trading in an elderly client’s accounts.
FINRA’s findings stated that Maczko controlled these accounts, which had an average value of $3 million. Maczko’s transactions in these accounts generated approximately $581,650 in commissions, $84,270 in other fees, and approximately $397,000 in trading losses.  This level of trading was unsuitable for the client given her investment profile, including her age, risk tolerance and income needs.
FINRA’s findings also stated that Maczko provided inaccurate and misleading testimony to FINRA. Maczko testified that he had not spoken with two clients since his termination earlier that month. However, upon review of Maczko’s telephone records revealed that he had in fact spoken with these clients by telephone several times after his termination.
(FINRA Case #2016050430201)
According to FINRA’s BrokerCheck, Matthew Christopher Maczko, has been barred from acting as a broker or otherwise associating with firms that sell securities to the public. He has 8 Disclosures on his Disciplinary Report, 6 of which were Customer Disputes, and has worked in the securities industry for 27 years and was listed with 2 firms, the most recent listed below:
02/15/2008 - 09/20/2016  WELLS FARGO ADVISORS, LLC - OAK BROOK, IL
Soreide Law Group has defended the elderly in these very difficult situations for the past 10 years.  We watch the brokers get rich on the commissions and fees the brokers charge their elderly clients, and the clients often lose their life savings.  We do not want to see our clients have to change their lifestyles after having been taken advantage of by an unscrupulous broker or financial advisor.
If you were a client of Matthew Christopher Maczko and experienced losses due to his recommendations or actions, call Soreide Law Group for a no-cost consultation regarding the possible recovery of your financial losses at:  888-760-6552.