Former UBS broker John Maccoll (CRD #839441) has been indefinitely barred from affiliation with any FINRA member in any capacity as of 07/02/2018.
His most recent employer was UBS Financial Services Inc. (CRD #8174) of Birmingham, MI. Previously, he was employed with Morgan Stanley DW Inc. (CRD #7556) of Purchase, NY, E. F. Hutto n & Company Inc. (CRD #235), Loeb Partners (CRD #7534) and Hornblower, Weeks, Noyes & Trask Incorporated (CRD #7394). No current employment information is available. Maccoll has been in the industry since 1977.
On 3/15/2018, UBS discharged Maccoll after he refused to cooperate with the firm’s investigation into allegations he misappropriated money from a client. He later disclosed that he had misappropriated money from a total of 13 clients.
Maccoll also failed to respond to a request for information for a FINRA regulatory inquiry. He did not request termination of his suspension within the three-month period, making the bar indefinite.
Maccoll is the subject of 13 disclosures. Out of those, eight of them were filed in 2018—one from FINRA, and one regarding the discharge from UBS. The remaining six are customer disputes filed in 2018.
- From April 19, 2017 to February 12, 2018, a customer’s attorney alleges that Maccoll “led his clients astray” and “preyed upon them regarding their Hatteras investment.” This case was filed on 5/14/2018, and settled for $131,430.26.
- A customer alleges that Maccoll processed an annuity distribution that he did not request on December 27, 2017. No damages are requested, and the case is listed as “pending.”
- Maccoll is accused of defrauding a client from 1/3/2017 through 3/28/2018. The allegations were made by his daughter. The client is requesting damages in the amount of $820,231.49, and the case is listed as “pending.”
- Filed on 3/26/2018, the client in this dispute gave monies to Maccoll from 4/19/2017 to 02/12/ 2018, for an alleged “outside investment.” She has received only $40,000 in return, but was told that her account was worth considerably more. The client was told by Maccoll that she was being given a “special offering,” and not to be discussed with anyone else. The dispute was settled for $239,801.35.
- A customer’s attorney filed a dispute on 3/22/2018 that Maccoll told his client that he would put the customer’s money in a “better and more suitable” investment vehicle. However, the attorney states, that the money was never moved. His client lost his entire UBS retirement account, leading to severe tax implications. This case is currently “pending.”
- On 3/5/2018, a customer filed a dispute claiming that Maccoll committed fraud from 4/19/2017 to 2/12/2018. The case was settled for $173,892.04.
Maccoll has five previous client disclosures, the latest one from 2013. A client alleged “unsuitable advice” regarding asset allocation of his retirement assets, and the use of a 72(T) plan.
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