John Maccoll Allegedly Ran a $3.7 Million Investment Scheme Involving over a Dozen USB Clients from April 2010 through March of 2018
John Maccoll, 65, of Rochester Hills, Michigan, allegedly embezzled over $3.7 million from his clients as USB Financial Services, according to government reports under review by under review by attorney Alan Rosca.
John Maccoll allegedly advised said clients at UBS Financial Services to write checks to his personal account or to make wire transfers in order to gain access to investment vehicles he said were not available through UBS, the reports note.
Maccoll, a 40-year securities industry veteran, allegedly promised returns as high as 20 percent in private investment funds, and would also allegedly make statements to clients that the funds were doing well and advised them to transfer more money, the reports state. Maccoll, rather than investing the cash, allegedly converted it for personal use, according to the U.S. Attorney’s Office.
Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to John Maccoll’s alleged embezzlement of client funds. Investors who believe they may have lost money in activity related to John Maccoll’s alleged embezzlement of client funds are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Maccoll Allegedly Used Approximately $400,000 to Make Ponzi-like Payments
Maccoll, who has been terminated by USB, allegedly also used approximately $400,000 to make Ponzi-like payments to certain investors, according to government reports under review by attorney Alan Rosca.
The government has also stated that while Maccoll was advertising his investment plan, that he flashed the name of a credible family of alternative investment funds in order to give his alleged scheme a feeling of legitimacy, even though he was not related to the real investment funds, the reports state.
Maccoll also allegedly made up phony financial statements for some clients showing fictitious returns, prosecutors in the case claim. Finally, Maccoll has also been charged with wire fraud and is facing a parallel civil suit from the SEC, reports from Detroit note.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating John Maccoll’s alleged embezzlement of client funds. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of John Maccoll’s alleged embezzlement of client funds may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at firstname.lastname@example.org, or through the contact form on this webpage.