Articles Tagged with thomas buck

AdobeStock_112465076-1-300x164Former Indianapolis, Indiana-based Merrill Lynch advisor Thomas J. Buck is to be sentenced next month after pleading guilty in January to one count of securities fraud. He may face up to 25 years in prison. Buck has agreed to pay a $5 million penalty as part of a separate settlement agreement with the U.S. Securities and Exchange Commission (SEC). Buck, according to federal investigators, defrauded clients by charging excessive commissions and intentionally failing to advise them of cheaper pricing options for his services. His criminal activity caused client to suffer losses of $2 million. He was fired by Merrill Lynch in 2015 due to “management’s loss of confidence.” He had been senior vice president of investments at Merrill Lynch.
According to his online, FINRA BrokerCheck report available to the public, Thomas J. Buck was previously registered with Merrill Lynch in Indianapolis, Indiana from December 1981 until April 2015 and RBC Capital Markets in Indianapolis from April 2015 until July 2015. He has 35 customer disputes against him, one of which is pending, one civil matter and one criminal pending charge. He has been permanently barred from the industry.
If you or someone you know has lost money with Mr. Buck, please call our securities law firm today to find out how you may be able to recover your losses in the FINRA arbitration forum on a contingency fee basis. Merrill may be liable for investment losses because the firm has a duty to reasonably supervise its brokers while they are employed with the firm.

AdobeStock_123495998-1-300x197According to a recent Complaint with the Securities and Exchange Commission (SEC), Thomas J. Buck allegedly executed a fraudulent scheme to obtain excessive commissions and fees by making material misrepresentations and omissions to certain customers and investment advisory clients regarding the fees or commissions charged in their accounts. He also allegedly exercised discretion by placing certain trades in certain customer accounts without obtaining authorization from the customer. These are against securities laws. Thomas J. Buck also entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to the AWC, Buck engaged in misrepresentations and other misconduct in the handling of customer accounts. Since 2009, he pursued unethical and improper business practices, which generated increased commissions and revenues and enhanced his status as a top-producing broker. He held customer assets in commission-based accounts instead of fee-based accounts in order to generate higher revenues, although he knew that some customers would have paid substantially lower fees by using fee-based accounts. He also exercised discretion in customer accounts without written or oral authorization and made unauthorized trades in certain customer accounts. He was recently barred from the industry.
Buck was registered with Merrill Lynch in Indianapolis, Indiana from December 1981 until April 2015, and RBC Capital Markets in Indianapolis from April 2015 until recently. He has 32 customer disputes against him, one of which is currently pending. He is not registered with any member firm and has been barred from the industry. If you lost money with Thomas J. Buck, please call our securities law firm at 312-332-4200. We sue firms such as RBC Capital Markets for failure to properly supervise Buck while he was employed with them. This firm can be held liable for financial losses for this reason.

Stoltmann Law Offices continues to investigate claims against Tom Buck, a former registered broker with Merrill Lynch in Indianapolis, Indiana. Since March of last year, Buck has 27 customer complaints against him, and according to the Indiana Business Journal on Friday, has cost his former firm, Merrill Lynch, more than $4.1 million in settlements to date. He has since been fired and was barred from the industry permanently by the Financial Industry Regulatory Authority (FINRA) in July. FINRA claimed that Buck “willfully committed fraud” by placing clients in commission accounts when they could have done better in fee-based advisory accounts. He was officially charged with misrepresentation of commissions, unsuitable investments and excessive trading. Many of the customer complaints settled for the full amount requested, with the largest being for $719,000. Two of the complaints are still pending, with the most recent being filed on November 17th. Before that, he was heralded by “Barron’s” as Merrill Lynch’s top broker in Indiana and had been named that every year from 2009 until 2013.

According to his online FINRA BrokerCheck report, Buck was registered with Merrill Lynch in Indianapolis, Indiana from December 1981 until April 2015 and RBC Capital Markets in Indianapolis from April 2015 until July 2015. He is not currently registered with any firm or licensed within the industry. FINRA has permanently barred him from the industry. Please call our securities law offices in Chicago if you or someone you know lost money with Thomas Buck. Merrill Lynch can be held responsible for your investment losses because they had a duty to reasonably supervise him while he was employed there. We sue firms in the FINRA arbitration process. The call is free with no obligation. We take cases on a contingency fee basis only.

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