Metro Detroit finance company refunding nearly $4M after adviser allegedly stole from clients
3:23 PM, Aug 10, 2018
4:11 PM, Aug 10, 2018
(WXYZ) - A metro Detroit financial company is refunding nearly $4 million after one of its advisors was charged with embezzling nearly $4 million from his clients.
John Maccoll, 65, of Rochester Hills, allegedly advised some of his clients at UBS Financial Services to wire transfer or write checks to his personal account to take advantage of investment vehicles he said were not available through UBS.
Then, the U.S. Attorney said Maccoll would tell the clients that the funds were performing well and they should send more money. Instead of investing it, the U.S. Attorney's Office said Maccoll would convert them for personal use.
It's believed the more than a dozen people were victims and he stole more than $3.7 million from April 2010 through March 2018.
“Our office will stand up for crime victims and vigorously pursue those who seek to damage Michigan citizens through greed like this," U.S. Attorney Matthew Schneider said in a release.
Maccoll turned himself in on Friday and was arraigned and released on a personal bond.
UBS tells 7 Action News that they fired Maccoll as soon as they were aware of his actions. The company said they would also reimburse the affected clients for their losses.
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