Matthew Christopher Maczko of Oak Brook Illinois a stockbroker formerly employed by Wells Fargo Advisors LLC is referenced in a customer initiated investment related arbitration claim in which the customer requested damages estimated to exceed $500,000.00 in damages founded on accusations that Maczko gave the customer bad investment recommendations concerning the securities held in the customer’s account while Maczko was employed by Wells Fargo. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00602 (Feb. 26, 2018).
FINRA Public Disclosure confirms that Maczko has been identified in seven more customer initiated investment related disputes pertaining to allegations of Maczko’s misconduct when he was employed with securities broker dealers including Wells Fargo. Specifically, on November 14, 2016, on a customer initiated investment related civil action involving Maczko’s conduct was resolved for $1,000,000.00 in damages based upon accusations that the customer was not provided information concerning the commissions that were assessed on equities trades placed in the customer’s account; and trades were executed without the customer’s permission.
Moreover, a customer initiated investment related arbitration claim concerning Maczko’s activities was settled for $375,000.00 in damages supported by allegations that between 2008 and 2016, misrepresentations had been made to the customer concerning the terms and conditions of investments selected for the customer’s account by Maczko; and the investment recommendations Maczko made failed to be appropriate for the customer. FINRA Arbitration No. 16-02712 (Feb. 6, 2017). On February 9, 2017, another customer initiated investment related complaint in regards to Maczko’s conduct was resolved for $20,000.00 in damages founded on accusations of unauthorized over-the-counter equities trades being placed in the customer’s investment account; and commissions being charged to the customer at excessive rates.
Then, on June 6, 2017, a customer initiated investment related complaint involving Maczko’s activities was settled for $40,000.00 in damages based upon allegations that the customer had been assessed unwarranted fees on the customer’s managed-wrap accounts at Wells Fargo Advisors.
FINRA Public Disclosure additionally reveals that Maczko has been barred from associating with any FINRA member in any capacity founded on findings that (1) Maczko effected excessive trades in an elderly Wells Fargo customer’s account and (2) Maczko gave FINRA misleading and inaccurate testimony when he was probed about his communications with customers of the firm. Letter of Acceptance Waiver and Consent No. 2016050430201 (Feb. 9, 2017).
According to the AWC, Maczko executed more than two thousand eight hundred transactions in accounts owned by a ninety-three year customer, JZ. Evidently, those securities transactions caused JZ to sustain losses totaling $397,000.00 while JZ had to pay fees totaling $84,270 and commissions of approximately $581,650.00. FINRA found Maczko’s conduct violative of FINRA Rules 2010 and 2111 and NASD Rule 2310. FINRA also revealed that Maczko lied to FINRA during the time he was providing recorded testimony about his communications with elderly customers CL and KL. Maczko falsely claimed that he did not correspond with these customers; conduct violative of FINRA Rules 2010 and 8210.
Maczko was discharged by Wells Fargo Advisors supported by accusations of his excessive trading in customers’ investment accounts.
