FINRA Bars Broker for Excessive Trading in Elderly Customer Accounts

Released April 2017

Matthew Christopher Maczko (CRD #1888519, Downers Grove, Illinois) submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Maczko consented to the sanction and to the entry of findings that he engaged in excessive trading in an elderly customer’s accounts. The findings stated that Maczko effectively controlled these accounts, which had an average aggregate value of $3 million. Maczko’s transactions in these accounts generated approximately $581,650 in commissions, $84,270 in other fees, and approximately $397,000 in trading losses. This level of trading was unsuitable for the customer given her investment profile, including her age, risk tolerance and income needs. The findings also stated that Maczko provided inaccurate and misleading testimony to FINRA. Maczko testified that he had not spoken with two customers since his termination earlier that month. However, a review of Maczko’s telephone records revealed that he had in fact spoken with these customers by telephone several times after his termination.

(FINRA Case #2016050430201)

Source: FINRA, Financial Industry Regulatory Authority, Inc. 2017
Full Disciplinary Reports Available to the public at: www.finra.org

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