Former Wells Fargo Advisors rep barred by Finra for excessive trading in elderly client's account

The Financial Industry Regulatory Authority Inc. has barred a former Wells Fargo Advisors rep who was allegedly trading excessively in the accounts of an elderly client and generating hundreds of thousands of dollars in commissions. Matthew Maczko was barred from the securities industry on Thursday, according to the Finra settlement. From January 2009 to April 2016, Mr. Maczko effected excessive transactions in four brokerage accounts of a client who is now 93-years-old, according to Finra. During this time period, the broker made over 2,800 transactions in these accounts, which had a value of $3 million, according to Finra. He generated close to $581,650 in commissions and $84,270 in other fess. The trading losses the client sustained were $397,000. The level of trading was unsuitable for the elderly client given her investment profile, including her age, risk tolerance and income needs, according to Finra. Mr. Maczko, who was registered with Wells Fargo Advisors from 2008 until September 2016, consented to the settlement without admitting or denying its findings. According to his BrokerCheck report, Wells Fargo Advisors fired Mr. Maczko in September; he was “under internal review for adherence to industry standards of conduct based on concerns about the level of trading in a customer account.” Mr. Maczko could not be reached to comment. A spokesman for Wells Fargo, Jack Grone, declined to comment. (More: Wells Fargo Advisors to pony up $35.5 million in race discrimination, class action settlement)