FINRA Bars Wells Fargo Advisors Broker for Unsuitable and Excessive Trading
Matthew Maczko, a former registered representative with Wells Fargo Advisors, LLC, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred from association with any FINRA member in all capacities amid allegations that he made unsuitable recommendations and excessively traded four brokerage accounts held by an elderly customer. According to FINRA, Matthew Christopher Maczko, of Downers Grove, Illinois, was the registered representative for his now 93 year old customer’s four brokerage accounts. According to FINRA, Mr. Maczko allegedly controlled the four brokerage accounts. During the relevant period, January 2009 to April 2016, FINRA found that Mr. Maczko effected over 2800 transactions in this customer’s accounts. FINRA stated that Mr. Maczko’s excessive trading strategy generated approximately $581,650 in commissions, $84,270 in fees, and allegedly caused his customer $397,000 in trading losses. Without admitting or denying the findings, Mr. Maczko was barred from association with any FINRA member in any capacity.
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