BOCA RATON, Fla., July 30, 2015 (GLOBE NEWSWIRE) -- Silver Law Group (www.silverlaw.com) is investigating claims against Indiana-based stockbroker Thomas Buck, who earlier this week was barred by the Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member firm and was accused by FINRA of improperly charging customers and engaging in unauthorized trading. Mr. Buck, a former top broker for Bank of America Merrill Lynch from 1981 until early-2015, was most recently employed by RBC Wealth Management.
According to FINRA, Buck oversaw $1.3 billion in assets while at Merrill Lynch, which made him Merrill’s top broker in Indiana. Buck is alleged to have almost exclusively steered his clients into using commission-based accounts since at least 2009 despite the fact that it would have been less expensive for the clients to remain in fee-based accounts. In addition, Buck is believed to have placed trades on behalf of clients without obtaining proper authorizations, something that is prohibited under FINRA standards.
“He at times unilaterally placed trades in customer accounts without getting the customers’ acquiescence in advance, or even after placing the trade,” FINRA wrote. “In other instances, customers explicitly or implicitly allowed him to place trades in their account without prior discussion. Buck did not obtain written authorization to do so from either the customers or Merrill Lynch.”
Buck was discharged by Merrill Lynch in March 2015 amidst allegations that, among other things, he had failed to “discuss service level and pricing alternatives with a customer, provid[ed] inaccurate information to firm management during account reviews regarding this issue, [and] mismarked bond cross trade order tickets as unsolicited.” Although he joined RBC as a registered representative following his dismissal from Merrill Lynch earlier this year, a spokesperson for RBC says Buck no longer works for the firm.
Following Buck’s termination from Merrill Lynch, several customer complaints have been filed against him, mostly for unsuitable investments and unauthorized trading. A number of the actions against him are still ongoing.
If you have been the victim of investment fraud or have been misled by a financial professional trusted with an investment of yours, you might have the grounds upon which to assert a claim to recover your losses through FINRA arbitration or the courts. Silver Law Group is a nationally-recognized securities law firm headquartered in South Florida, with satellite offices in New York and Washington, D.C., representing investors worldwide with their claims for losses due to financial misconduct and consumer fraud. Our attorneys have Martindale-Hubbell® Peer Review Ratings™ of “AV” Preeminent for achieving the highest ethical and legal standards. The firm has successfully recovered multi-million dollar awards for its clients through securities arbitration and the courts. To contact Scott L. Silver to discuss your legal matter, call toll-free (800) 975-4345 or e-mail him at SSilver@silverlaw.com.
Source:Silver Law Group