John C. Maccoll, who was a registered representative of UBS Financial Services and an investment advisor, is charged both criminally and civilly with defrauding at least 15 of his brokerage clients, most of them elderly and retired, in a scheme that lasted for at least a decade. If you were an investor with Maccoll please call 1-866-817-0201 for a free and confidential consultation. Representation will be on a contingency fee basis.
Maccoll’s career goes back 40 years. Prior to being with UBS he spent years working as a broker
for Morgan Stanley. We believe that he used his scheme not only at UBS but also at Morgan Stanley.
According to the SEC, he used high-pressure sales tactics to convince his brokerage customers to invest in what he described as a “highly sought after” private fund investment. The victims were convinced to sell their retirement accounts or borrow against them and make out checks to Maccoll.
The actions of Macoll are commonly referred to as “selling away.” This is common. A broker will either try to sell an investment of a confidant who will pay him a premium, or sometimes make up the investment completely. Brokerage firms are required to have mechanisms in place to detect and stop such trading practices.
One customer’ defrauded invested her life savings and money from her deceased husband’s life insurance payout, which she intended to use to pay for college expenses for her three children, adding that Maccoll knew that the funds invested in his customers’ accounts were for retirement or college expenses.
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