BIRMINGHAM, Mich. – A Birmingham financial adviser was sentenced Tuesday to nine years in prison for embezzling more than $3.7 million from clients.
John MacColl, 65, of Rochester Hills, pleaded guilty to wire fraud in September.
Records show MacColl was a financial adviser at UBS and devised a scheme to steal money from clients, according to officials.
The U.S. attorney’s office believes from 2010 to 2018, MacColl persuaded clients to send money to his personal account for investment options not available through UBS.
When clients asked for documentation, MacColl made false statements, according to court records.
Investigators said MacColl operated the scheme on his personal cellphone so UBS had no way of knowing what was happening.
When managers became suspicious, the company started an investigation, found the problems and called police.
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