William D. Bucci of King of Prussia, a stockbroker formerly registered with Oppenheimer & Co., Inc., has been barred from the securities industry by the Securities and Exchange Commission (SEC) according to an Initial Decision Making Findings and Imposing Sanction by Default containing findings that Bucci, inter alia, had been convicted of securities fraud in violation of 15 U.S.C. §78j(b). In the Matter of William D. Bucci, No. 3-17888 (June 14, 2017).
The Order noted that between 2003 and 2011, during which time Bucci was associated with Ryan Beck & Co., Oppenheimer & Co., Inc., and Financial Network Investment Corporation, he conducted a fraudulent scheme in which his victims sustained $3,200,000.00 in losses. Evidently, brokerage customers had been solicited by Bucci to make investments, where Bucci promised customers that they would receive rates of returns equaling ten percent and that Bucci would utilize investors’ monies to establish an olive oil and wine importing company.
The Order revealed that there was no oil and wine importing company as Bucci stated; Bucci took the investors’ funds for his personal benefit. The Order stated that Bucci attempted to retrieve funds from associates and friends by making false statements regarding his repayment abilities.
Bucci has also been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that he engaged in improper customer loan arrangements with customers. Department of Enforcement v. William D. Bucci, No. 2012032571701 (Sept. 24, 2013).
According to the FINRA Order, while Bucci was associated with Oppenheimer and Ryan Beck, he accepted $635,000.00 from nine of his customers through lending arrangements that had been effected from May of 2004 to December of 2010. Apparently, those loans paid customers ten percent and contained terms ranging from one to five years. Critically; however, the AWC stated that the firms disallowed stockbrokers from engaging in customer borrowing arrangements, and his activities had never been made known to the firm. FINRA found that Bucci’s conduct was violative of FINRA Rule 2010 and 3240, as well as NASD Rule 2110 and 2370.
FINRA Public Disclosure confirms that a customer filed an investment related civil action involving Bucci’s conduct in the Court of Common Pleas in Philadelphia, Pennsylvania, where the customer sought $15,000.00 in damages based upon allegations that Bucci defaulted on a promissory note obligation. Civil Action No. 120102884 (Apr. 18, 2012). Then, a customer received a judgment of $455,000.00 in damages according to civil action involving Bucci’s conduct, based upon findings that while Bucci was registered with Investment Corp., he induced customers to effect unregistered promissory notes investments. Civil Action No. 002284 (Sept. 3, 2014).
Thereafter, a customer initiated investment related arbitration claim regarding Bucci’s activities was resolved for $100,000.00 in damages supported by accusations of Bucci’s unapproved borrowing of customer funds. FINRA Arbitration No. 13-02161 (June 17, 2014). Subsequently, a customer received a judgment of $85,000.00 in damages according to an investment related civil action relating to Bucci’s activities, based upon findings that Bucci effected unregistered securities sales. Civil Action No. 2013-001486 (Nov. 12, 2015).
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
