Stoltmann Law Offices continues to investigate claims against Tom Buck, a former registered broker with Merrill Lynch in Indianapolis, Indiana. Since March of last year, Buck has 27 customer complaints against him, and according to the Indiana Business Journal on Friday, has cost his former firm, Merrill Lynch, more than $4.1 million in settlements to date. He has since been fired and was barred from the industry permanently by the Financial Industry Regulatory Authority (FINRA) in July. FINRA claimed that Buck “willfully committed fraud” by placing clients in commission accounts when they could have done better in fee-based advisory accounts. He was officially charged with misrepresentation of commissions, unsuitable investments and excessive trading. Many of the customer complaints settled for the full amount requested, with the largest being for $719,000. Two of the complaints are still pending, with the most recent being filed on November 17th. Before that, he was heralded by “Barron’s” as Merrill Lynch’s top broker in Indiana and had been named that every year from 2009 until 2013.

According to his online FINRA BrokerCheck report, Buck was registered with Merrill Lynch in Indianapolis, Indiana from December 1981 until April 2015 and RBC Capital Markets in Indianapolis from April 2015 until July 2015. He is not currently registered with any firm or licensed within the industry. FINRA has permanently barred him from the industry. Please call our securities law offices in Chicago if you or someone you know lost money with Thomas Buck. Merrill Lynch can be held responsible for your investment losses because they had a duty to reasonably supervise him while he was employed there. We sue firms in the FINRA arbitration process. The call is free with no obligation. We take cases on a contingency fee basis only.

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