Matthew Maczko from Oak Brook, Illinois Subject of  Illinois Securities Department Complaint

Have you lost money with financial advisor Matthew Maczko from Oak Brook, Illinois?  We are continuing our investigation into allegations made against Matthew M. Maczko, who previously worked with Wells Fargo Advisors.  The Illinois Securities Department brought a complaint against Maczko after he was barred from the securities industry by FINRA.

In 2017, FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Maczko, alleging that he excessively traded (or churned) the accounts of elderly customers.  FINRA also alleged that he provided inaccurate and misleading testimony during its investigation.

FINRA alleged that between 2009 and 2016, Maczko effected transactions on behalf of a now-93 year old client, who had accounts totaling $3 million.  During this timeframe, he earned over $580,000 in commissions and $84,000 in fees, while generating $397,000 in trading losses.  This type of trading was not suitable for the elderly client.

Matthew Maczko was a registered representative and financial advisor of Wells Fargo Advisors from February 2008 to September 2016.  He worked at branch offices in Oak Brook, Illinois.  According to Maczko’s BrokerCheck report, he has been the subject of at least five customer complaints.  Maczko was also terminated by Wells Fargo for this alleged conduct.

Broker-dealers like Wells Fargo Advisors have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives.  Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account.  When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Chicago; Denver, Colorado; Ann Arbor, Michigan; and the Seattle area.  We represent investors in FINRA arbitration in all 50 states, including over 150 investors in the past from throughout the Chicagoland area, Northern Illinois, and Central Illinois.

Attorney David Neuman was born in Berwyn, Illinois and grew up in the western suburbs in Addison.  He earned a degree in Finance at the University of Illinois in Urbana-Champaign before earning his law degree at Northern Illinois University in DeKalb, Illinois.  Mr. Neuman also previously worked for a number of Chicago area law firms, including firms in St. Charles, Geneva, Chicago, and Barrington.  He also previously lived in the Ravenswood neighborhood on the north side of Chicago.

Click to view:  Maczko, Matthew Illinois Complaint

Click to view:  Maczko, Matthew FINRA AWC

Click to view:  Maczko, Matthew BrokerCheck 2.10.17

If you lost money with Matthew Maczko or Wells Fargo Advisors, please CONTACT US at 720-599-3505 for a free evaluation of your case.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.