March 24, 2017 Comments (0) Blog, Securities Fraud

Former Pennsylvania Advisor William Bucci Barred from Securities Industry

William Bucci
(Last Updated On: March 30, 2017)

Recovery of Investment Losses with William Bucci

Have you suffered losses investing with former Pennsylvania financial advisor William Bucci? If so, The White Law Group may be able to help you recover your losses by filing a FINRA arbitration claim against the brokerage firm that sold you the investment.

According to reports, the SEC is pushing to bar a former Financial Network Investment Corp. broker who pled guilty to securities fraud, mail fraud and mortgage fraud last June in federal court in Philadelphia.

The SEC filed its administrative order seeking to bar the former broker, William Bucci, on Wednesday.

These reports indicate that from 2003 through 2011 Bucci allegedly defrauded individuals out of more than $3.2 million. He purportedly solicited certain of his brokerage customers, promising a 10% rate of return, which he claimed would be used to start a business to import olive oil and wine from Italy, according to the SEC.

Bucci’s federal indictment claimed that no such business existed and that he used the majority of the funds for his own purposes. The indictment also alleged that he solicited loans from friends and associates based on false statements about his ability to repay the loans and that he also filed false tax returns from 2007 to 2011.

According to FINRA Broker Check, Bucci was registered with Financial Network Investment Corp. now known as Cetera Advisor Network in King of Prussia, PA, from August 2011 to May 2012. Prior to that, from April 2007 to August 2011, he was registered with Oppenheimer & Co. in Jenkintown, PA. FINRA barred him from the securities industry in 2013. He has nine disclosure events listed on his Broker Report including six customer disputes. Other allegations include borrowing money from clients and sale of unregistered securities.

Failure to Supervise

Brokerage firms are required to properly supervise all advisors they employ and to ensure that those advisors are complying with applicable FINRA rules and regulations.  If these allegations can be proven and if it can be demonstrated that Bucci’s former employer failed to properly supervise him, his employer may be held responsible for the losses in a FINRA arbitration claim.

If you suffered losses investing with William Bucci and would like a free consultation to discuss your litigation options, please call The White Law Group at 1-888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.  For more information on the firm and its representation of investors, visit http://www.whitesecuritieslaw.com.