Ex-UBS Adviser Bilked Clients For Almost $4M, Feds Say
Law360 (August 10, 2018, 8:37 PM EDT) -- A former financial adviser for a UBS Group AG unit has been charged with defrauding his retail clients out of nearly $4 million by promising returns as high as 20 percent in private investment funds but pocketing the bulk of the cash, Michigan federal prosecutors said Friday.
Prosecutors allege Detroit-area broker John Maccoll, 65, lied and used high-pressure sales tactics to cajole his UBS customers into investing in what he claimed was a top-shelf, alternative-hedge-fund-like private fund. But Maccoll embezzled most of the money and used around $400,000 to make Ponzi-like payments to certain investors, according to the government.
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