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Oakland County Financial Adviser Charged With Stealing $3.7 Million From Clients

August 10, 2018 - 3:33 pm

DETROIT (WWJ) - An Oakland County financial adviser is facing federal charges for embezzling millions of dollars from his clients. 

According to the United States Attorney's Office, John Maccoll of Rochester Hills is accusing of stealing more than $3.7 million from patrons of UBS Financial Services in Birmingham.

U.S. Attorney Matthew Schneider says an FBI investigation found Maccoll advised some of his clients to wire transfer money or write checks to his personal accounts in order to take advantage of some investments he claimed weren't available through the firm. Maccoll allegedly then told them that the funds  they “invested” were performing well, and that they should send more money. 

None of it was legitimate, though, according  to prosecutors, who allege that Maccol then used all of the money for his personal use. 

“The charges allege that the defendant victimized over a dozen of innocent investors and greedily stole millions of dollars from them,” 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.”

The alleged criminal activity took place from April 2010 until March 2018.

Maccoll turned himself in to authorities Friday, was arraigned in federal court and released on a personal bond.  The charge was filed as a criminal information, rather than an indictment, which indicates that prosecutors and Maccoll have negotiated a plea agreement.

The case was investigated by the FBI’s Detroit Metro Identity Theft and Financial Crimes Task Force. The case is being prosecuted by Assistant U.S. Attorney Abed Hammoud with
the United States Attorney’s Office for the Eastern District of Michigan in Detroit.