Finra bars former Wells Fargo rep for churning accounts of 93-year-old
Illinois broker Matthew Maczko earned more than $640,000 from $3 million in assets
Matthew Maczko, formerly a broker with Wells Fargo Advisors in Oak Brook, Ill., has been barred from the securities industry for excessive trading in the accounts of a 93-year-old woman and for lying to Finra about his actions.
In its letter of acceptance, waiver and consent, the Financial Industry Regulatory Authority said that Mr. Maczko earned $581,650 in commissions and $84,270 in other fees from the four accounts worth $3 million.
Mr. Maczko, who consented to the Finra action without admitting or denying the findings, executed more than 2,800 transactions in the accounts from 2009 through 2016, Finra wrote. He was terminated by Wells Fargo last year.
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