Scott Eugene Buck of Stow, Ohio, a stockbroker registered with LPL Financial LLC, has been fined $7,500.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Buck engaged in unauthorized trading and used unapproved methods to communicate with LPL Financial customers. Letter of Acceptance, Waiver, and Consent No. 2022075350101 (July 22, 2024).
According to the AWC, between December of 2018 and December of 2020, Buck engaged in unauthorized trading in mutual funds in a deceased customer’s account. This involved the sale of mutual fund positions totaling approximately $44,000.00. Also, in July and August 2021, Buck falsely indicated to the securities broker dealer that he had attempted to contact the customer on the day of the third trade in December 2020. By making these trades, Buck violated FINRA Rule 2010.
Additionally, Buck caused LPL Financial LLC to fail to maintain required records and books under Securities Exchange Act of 1934. The regulator stated that from November 2019 to September 2021, Buck used his personal cell phone to exchange nearly one hundred text messages with 17 LPL Financial customers about securities business, including investment recommendations and transactions. These messages were not retained by the securities broker dealer.
FINRA stated that In October 2020, Buck also falsely indicated on a compliance questionnaire that all of his investment or insurance-related communications were made using his firm-approved email. Therefore, Buck violated FINRA Rules 2010 and 4511.
Buck has been associated with LPL Financial LLC in Stow, Ohio, since September 10, 2008.
