Securities Investigation – Thomas Buck
Have you suffered losses as a result of investment funds recommended to you by former Merrill Lynch financial advisor Thomas Buck? If so, the securities attorneys of The White Law Group may be able to help you to recover your losses by filing a FINRA arbitration claim against the brokerage firm that sold you the investment.
The White Law Group is investigating the liability that Merrill Lynch may have for failure to properly supervise Thomas Buck. According to FinancialPlanning, two former clients allege Thomas Buck made unauthorized bond trades and charged them exorbitant fees. The extent of the losses suffered by the clients is unclear.
Thomas Buck was terminated last month from Merrill Lynch. Buck’s U5 form, a regulatory filing that discloses why a broker is terminated, said he provided inaccurate information to Merrill Lynch regarding that client interaction.
According to reports, he recently joined Royal Bank of Canada’s RBC Wealth Management.
Update on Thomas Buck – 11-1-2017
According to reports, Thomas Buck , admitted to securities fraud for overcharging clients $2 million in excessive commissions and for failing to recommend lower-priced fee-based accounts. Buck is facing 25 years in prison after agreeing to plead guilty on Tuesday to securities fraud, according to a statement from federal prosecutors.
Buck has 38 disclosures listed on his BrokerCheck report. FINRA barred him from the financial industry in July 2015.
Recovery of Investment Losses
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 can be on the hook for investment losses.
If you suffered losses investing with Thomas Buck and would like to discuss your litigation options, please call the securities attorneys of The White Law Group 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.