Patrick Mackaronis and Wells Fargo Advisors, LLC
Have you lost money with financial advisor Patrick Mackaronis of Wayne, New Jersey? We are investigating allegations made by the SEC (Securities and Exchange Commission) against Patrick Mackaronis. The SEC filed a complaint in the District Court of New Jersey, alleging that Patrick Mackaronis recommended investments in a technology start-up company that ended up being part of a fraudulent scheme.
The SEC alleged that Patrick Mackaronis sold investments in the company while ignoring the risks of potential fraud. Moreover, the SEC alleged that he blindly touted the investments. In actuality, the founders of the company used investors’ money to pay for their mortgage, credit card bills, car leases, college tuition, landscaping, and at Las Vegas casinos. To settle these charges, Mackaronis agreed to pay $85,000 to disgorge the commissions he earned, $8,000 in interest, a $50,000 penalty, and agreed to a 3 year bar from the securities industry.
In June 2016, the SEC instituted the three year bar as part of an administrative proceeding.
Patrick Mackaronis was a financial advisor and registered representative of Wells Fargo Advisors from May 2008 to August 2012. He worked at a Chase office in Wayne, New Jersey.
Brokerage firms like Wells Fargo Advisors have a responsibility to adequately supervise all investment advisors and employees who are registered through their firm. Brokerage firms also must take steps to ensure that their advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their 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 Denver, Colorado and the Seattle area. We represent investors in all 50 states, including investors in New Jersey and New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
Click to view: Mackaronis SEC Order
Click to view: Mackaronis BrokerCheck 5.6.16 (1)
HAVE YOU LOST MONEY WITH PATRICK MACKARONIS OR WELLS FARGO ADVISORS?
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