If you or someone you know invested with John Cochran Maccoll, call Marquardt Law Office LLC at (312) 945-6065 to receive a free consultation about investment recovery options.
According to the Financial Industry Regulatory Authority, Inc. (FINRA) public records, John Cochran Maccoll has nine disclosed customer disputes and reportedly admitted he misappropriated customer funds. FINRA registers and regulates brokers and brokerage firms.
Six claims settled for payments to customers, including $173,892 for a claim filed in March 2018. Three claims filed between March 2018 and May 2018 are pending. Most claims allege Maccoll caused his customers’ losses through fraud or unsuitable investment recommendations. Such complaints date back to 1990 when a customer alleged Maccoll committed forgery in a claim that settled for $70,000.
Many of the claims allege private placement securities and annuities were the subject of customers’ losses. Such investments can often be unsuitable to retail investment customers.
John Cochran Maccoll was employed by UBS Financial Services Inc. as a broker and investment adviser from January 2006 through March 2018. On March 15, 2018, UBS disclosed that it discharged Maccoll because he failed to cooperate with its investigation into whether he stole a client’s funds. According to UBS, Maccoll later told UBS “that he misappropriated funds from 13 clients.”
On March 23, 2018, FINRA suspended Maccoll from associating in all capacities with firms registered with FINRA. FINRA said that it suspended Maccoll because he failed to respond to FINRA’s request for information. FINRA did not say whether it was investigating Maccoll, but FINRA routinely investigates brokers accused of misconduct and sanctions them for failure to cooperate.
A broker, like Maccoll, must recommend only investments that are suitable to a customer based on factors such as the customer’s age, investment experience, risk tolerances, and financial status. A brokerage firm, like UBS, has a duty to reasonably supervise its brokers, including to ensure he does not recommend unsuitable investments or commit fraud. A firm has a duty to place a broker with a history of customer complaints on heightened supervision. When these duties are breached, customers have claims for their losses.
Contact the firm for a free consultation to discuss recovery options for losses caused by John Cochran Maccoll.
Marquardt Law Office LLC is a securities law firm that represents investors nationwide who have suffered losses due to misconduct such as fraud and negligence. Most investors pay a contingency fee, meaning there is no attorney fee if there is no recovery.