Former Merrill Lynch Advisor Tom Buck faces 25 Years if Convicted
Have you suffered investment losses with former financial advisor Thomas Buck and Merrill Lynch? If so, the securities attorneys at The White Law Group may be able to help you recover your losses through FINRA Arbitration.
The White Law Group continues to investigate potential claims involving Tom Buck and his former employer, Merrill Lynch.
According to an article in TC Palm, Buck was serving as town councilman in Orchid, Florida while he was under federal investigation but reportedly did not share the information.
Thomas Buck reportedly resigned from the Orchid Town Council, on Oct. 31 2017, one week after federal prosecutors in Indiana charged him with securities fraud. Buck, who reportedly still lives in Orchid, could face up to 25 years in prison if convicted.
As we told you in November, the U.S. Securities and Exchange Commission announced Buck had agreed to a $5 million settlement of charges that he received excessive commissions and fees from his Merrill Lynch investment clients.
According to reports, Buck was Merrill Lynch’s top financial adviser in Indiana for many years until he was fired in 2015. He has 37 customer complaints listed on his FINRA BrokerCheck report, and was barred from working in the securities industry in 2015.
Buck, 63, served less than a year in office in Orchid, after being elected without opposition. His resignation letter, reportedly submitted Oct. 24, did not include information on the criminal charges against him.
According to TC Palm, Mayor Hal Ofstie said he knew Buck had been fired from Merrill Lynch in 2015 but was under the impression that the issue had been resolved. Ofstie reportedly said he was unaware of the federal charges until Buck resigned.
According to the U.S. attorney, Buck admitted to securities fraud for allegedly overcharging clients $2 million in excessive commissions from at least 50 clients and for failing to recommend lower-priced fee-based accounts.
The “Buck Team” at Merrill Lynch reportedly had more than 3,000 accounts and $1.3 billion in assets under management.
Failure to Supervise
Broker dealers have a fiduciary duty to monitor all the business transactions of their employees. When a broker violates securities regulations and the broker dealer is found to be liable for negligent supervision, the firm may be held liable for investment losses.
If you suffered losses investing with former Merrill Lynch financial advisor Tom Buck, the securities attorneys at The White Law Group may be able to help you recover your losses. Please call offices at 888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at www.whitesecuritieslaw.com.