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Charges Filed Against John Maccoll For $4M Ponzi Scheme On Elderly Investors

In August, we told you about John Cochran Maccoll (CRD #839441) who was barred by FINRA after multiple fraud allegations. Since then, there have been two additional developments.

Another customer has come forward and filed a complaint on 08/16/2018, alleging misappropriation of client funds from 10/01/2015 through 08/16/2018. The case was settled for $158,163.76. No additional information is available. This case is in addition to the previous cases we described in the earlier blog post.

The SEC Has Proposed New Regulations for Fiduciaries on silverlaw.comOn 8/9/2018, The U.S. Attorney’s Office for the Eastern District of Michigan filed criminal charges against Maccoll in an action initiated by the United States Securities and Exchange Commission (SEC.) In it, the SEC detailed how Maccoll persuaded investors, mostly elderly, into investing in what he described as a “highly sought after private fund investment.”  These investors, most of them retired, used their retirement accounts to fund their alleged investments. In return, Maccoll promised a 20% return on investment, as well as diversifying their portfolios and better growth potential than their current investment portfolios.

In order to protect himself and his Ponzi scheme, he told these customers not to discuss their “new investment.” He also provided falsified account statements and made over $400,000 in payments to these individuals to keep the scheme going. But instead of investing this money, as he claimed, Maccoll actually stole nearly $4 million for his own personal use, according to the indictment.

Did You Or Someone You Know Invest With John Cochran Maccoll?

Preying on and exploiting elderly individuals is a crime, particularly if money is involved.

If you’re wondering if your investments are safe and were properly handled (or those of an elderly relative), we can take another look at the accounts. Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account is handled, call to speak with an experienced securities attorney (or use our online contact form.) Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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