Thomas Joseph Buck, of Indianapolis, Indiana, a former Merrill Lynch, Pierce, Fenner & Smith Incorporated stockbroker who has been barred by Financial Industry Regulatory Authority (FINRA) in all capacities, is the subject of five customer initiated investment related written complaints that have been settled on November 23, 2016, for a total of $465,000.00 in damages, resolving allegations of misrepresentations and omissions, as well as excessive and unauthorized trading of securities in the customers’ accounts.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that since May 29, 2015, Buck has been identified in twenty-five customer initiated investment related disputes containing allegations of his improper conduct during the time that he was employed by Merrill Lynch. Specifically, on June 5, 2015, a customer filed an investment related written complaint regarding Buck’s conduct, alleging unsuitable investment recommendations, excessive trading, omissions and misrepresentations, and unauthorized stock trading in the customer’s account.
Between June 15, 2015 and June 16, 2015, two customer initiated investment related complaints were resolved for a total of $35,482.00 in damages based upon allegations that commissions charged to the customer for equity investments had been misrepresented. Then, on September 18, 2015, a customer initiated investment related written complaint regarding Buck’s activities was resolved for $600,000.00 in damages based upon allegations of unauthorized trading and misrepresentation between January of 2010 and March of 2015 in reference to the customer’s equity investments.
Subsequently, on September 15, 2015, a customer complaint pertaining to Buck’s conduct was settled for $719,014.00 in damages founded upon allegations that commissions charged to the customer had been misrepresented. On September 22, 2015, another customer complaint regarding Buck’s activities was settled for $400,000.00 in damages, supported by allegations that closed-end funds were excessively traded in the customer’s account.
Buck has also been identified in a customer initiated investment related complaint that settled on October 2, 2015, for $105,000.00 in damages, founded upon allegations of the failure to follow the customer’s investment instructions between September of 2014 and March of 2015. Further, a customer complaint was settled for $565,000.00 in damages on November 23, 2015, supported by allegations of misrepresentation. On May 9, 2016, another customer complaint regarding Buck’s activities was resolved for $135,000.00 in damages based on allegations of unsuitable investment recommendations having been made in the customer’s account.
Buck was fired from Merrill Lynch, Pierce, Fenner & Smith Inc. on March 4, 2015, based upon allegations that he failed to inform customers about pricing alternatives and service levels for investing; misrepresented information to his firm when questioned about his business activities; mismarked bond order tickets as having been solicited by customers; and provided customers with false information relating to their accounts. Buck was later employed by RBC Capital Markets, LLC between April 9, 2015, and July 21, 2015.
Buck has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he effected unauthorized trades in customer accounts, and defrauded customers by effecting unsuitable transactions in their accounts while misleading them about investment fees; conduct FINRA found violative of Securities Act of 1934 Section 10(b), Securities and Exchange Commission (SEC) Rule 10b-5, FINRA Rules 2111, 2020, and 2010 and NASD Rules 2510(b) and 2310. Letter of Acceptance, Waiver and Consent, No. 2015044745701 (July 24, 2015).
On October 31, 2017, Buck was charged by the SEC with Increasing Personal Income With Excessive Commissions And Fees and agreed to pay more than $5 million to settle SEC charges that he fraudulently schemed to increase his personal income by obtaining excessive commissions and fees from investors.
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