Financial advisor charged with embezzling
ROCHESTER HILLS — Federal officials have charged a financial advisor with UBS Financial Services with embezzling more than $3.7 million from his clients.
John MacColl, 65, from Rochester Hills, was arraigned Aug. 9 at the U.S. Attorney’s Office Eastern District of Michigan in Detroit, charged with wire fraud in connection with allegedly embezzling from clients at UBS, located in Birmingham.
According to federal officials, MacColl allegedly advised several of his UBS clients to wire transfer money or write checks to his personal accounts to take advantage of investments that MacColl claimed were not available through UBS.
Subsequently, MacColl allegedly told his clients the invested funds were performing well and they should send more money. MacColl allegedly converted the funds to personal use during a period from April 2010 to March 2018.
“The charges allege that the defendant victimized over a dozen innocent investors and greedily stole millions of dollars from them,” U.S. Attorney Matthew Schneider said in a statement. “Our office will stand up for crime victims and vigorously pursue those who seek to damage Michigan citizens through greed like this.” Read More