Finra bars former Wells Fargo rep for churning accounts of 93-year-old

Illinois broker Matthew Maczko earned more than $640,000 from $3 million in assets
FEB 14, 2017
Matthew Maczko, formerly a broker with Wells Fargo Advisors in Oak Brook, Ill., has been barred from the securities industry for excessive trading in the accounts of a 93-year-old woman and for lying to Finra about his actions. In its letter of acceptance, waiver and consent, the Financial Industry Regulatory Authority said that Mr. Maczko earned $581,650 in commissions and $84,270 in other fees from the four accounts worth $3 million. Mr. Maczko, who consented to the Finra action without admitting or denying the findings, executed more than 2,800 transactions in the accounts from 2009 through 2016, Finra wrote. He was terminated by Wells Fargo last year.

Latest News

Retiree alleges advisor withheld $600K through real estate LLC web
Retiree alleges advisor withheld $600K through real estate LLC web

$1.7M invested from an inheritance. Then the phone went dead.

SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception
SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception

The pre-IPO platform sold $430M in units while allegedly rigging prices behind the scenes.

GLP-1 users are trading retirement savings for their prescriptions
GLP-1 users are trading retirement savings for their prescriptions

A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.

Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors
Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors

The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.

Class action alleges Webull misled investors about China operations
Class action alleges Webull misled investors about China operations

Its SEC filings said one thing - a congressional probe said another.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor