Churning, unsuitable investments misconduct and elder fraud among allegations that ended Macke’s career
In October 2015, the Financial Industry Regulatory Authority (FINRA) permanently banned Russell Macke from acting as a broker and from associating with any securities firms. This decision comes after numerous customer complaints, regulatory actions, employment terminations, as well as seven judgments or liens against him. Macke has been accused of churning, investment fraud, unsuitable investments as well as several other charges.
Macke has been registered in the securities industry since 1989. He was most recently registered with B.B. Graham & Company of Orange, CA (between 2012-2015). Other recent registrations include:
- Forsyth Securities, Inc., Kirkwood, MO (11/05-01/12)
- Moloney Securities Co., Inc., Manchester, MO (12/03-09/05)
- Waterstone Financial Group, Inc., Boston, MA (07/03-12/03)
- Re-direct Securities Corp, Villa Park, IL (12/98-07/03)
FINRA documents allege that in 2011, Macke engaged in excessive trading and the use of margin in customer accounts. He also allegedly targeted an elderly client living in a nursing home and other clients who were retired.
It is reported that elderly customers lost more than $50,000 in these transactions. More recently, during his time at B.B. Graham & Company, he received customer complaints surrounding poor performance and portfolio losses in 2014.
His misconduct is allegedly responsible for causing his customers to pay excessive margin interest and fees, while he failed to make investments consistent with their goals, objectives and financial circumstances. According to FINRA records, Macke has 16 disclosures on his record, which is significantly higher than the average broker.
Russell Macke was finally banned by FINRA for failing to respond to a request for information and is not currently registered with a FINRA firm. If you lost money in investments with Russell Macke, you may be able to recover those losses through securities arbitration.
Silver Law Group helps clients who have suffered financial losses at the hands of investment fraud or broker misconduct. It is devastating to watch your hard earned savings evaporate and realize that you trusted an investment broker who was not looking out for your best interest.
Silver Law Group has recovered millions of dollars in losses over the last 20 years in numerous cases including investment fraud, Ponzi schemes, FINRA arbitration and professional negligence. One area of particular focus is elderly investment fraud.
Over the last decade, this particularly cruel crime has been on the rise, with investment brokers taking advantage of older Americans who are trusting, vulnerable and sometimes even with diminished capacity.
If you or someone you love has been taken advantage of by Macke or any dishonest and unethical broker, call our legal team at 1-800-975-4345 for a free consultation. Our firm works on a contingency fee basis, so we only get paid if successfully recover losses on your behalf.