John C. MacColl (CRD#: 839441) is a former broker and registered investment adviser (RIA). From 2006 to 2018, Mr. Maccoll was employed at UBS Financial Services in the Detroit metropolitan area. On July 2nd, 2018, this broker was expelled from the securities industry following serious allegations of fraud.
On August 9th, 2018, the Securities and Exchange Commission (SEC) filed investment fraud charges against former UBS Financial Services broker John C. Maccoll. According to the SEC, Mr. MacColl has already confessed to misappropriating more than $4 million in investor money. Corresponding criminal charges have also been filed in Michigan.
SEC Investment Fraud Charges: Former UBS Broker John Maccoll
The SEC’s complaint alleges that John C. Maccoll used high-pressure sales tactics in order to convince customers of his brokerage firm to put their money in his private investment fund. Mr. Maccoll informed these UBS customers that such a move would allow them to not only better diversify their portfolios, but that it would also allow them to make above-market returns. Investors were promised annual returns in excess of 20 percent.
In reality, the SEC contends that he never invested any of his clients’ money into a private fund. Instead, he stole the money for his own personal use. To hide the investment fraud scheme, the SEC believes that John C. Maccoll created wholly false return statements and used Ponzi scheme style tactics to offer investors more than $400,000 in payments to keep the fraud going.
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