Former Indianapolis, Indiana-based Merrill Lynch advisor Thomas J. Buck is to be sentenced next month after pleading guilty in January to one count of securities fraud. He may face up to 25 years in prison. Buck has agreed to pay a $5 million penalty as part of a separate settlement agreement with the U.S. Securities and Exchange Commission (SEC). Buck, according to federal investigators, defrauded clients by charging excessive commissions and intentionally failing to advise them of cheaper pricing options for his services. His criminal activity caused client to suffer losses of $2 million. He was fired by Merrill Lynch in 2015 due to “management’s loss of confidence.” He had been senior vice president of investments at Merrill Lynch.
According to his online, FINRA BrokerCheck report available to the public, Thomas J. Buck was previously 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 has 35 customer disputes against him, one of which is pending, one civil matter and one criminal pending charge. He has been permanently barred from the industry.
If you or someone you know has lost money with Mr. Buck, please call our securities law firm today to find out how you may be able to recover your losses in the FINRA arbitration forum on a contingency fee basis. Merrill may be liable for investment losses because the firm has a duty to reasonably supervise its brokers while they are employed with the firm.
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