One year after the SEC barred ex-Merrill Lynch and RBC Capital broker Thomas Joseph Buck from the securities industry (and three years after FINRA barred him for the same), a federal judge sentenced Buck to 40 months in prison for securities fraud.
In barring Buck (CRD #1024868), SEC staff charged the former Merrill Lynch star broker with unauthorized use of discretion, material misrepresentations, microcap/penny stock misconduct, and putting funds into commission-based accounts when fee-based accounts would have been more appropriate for his investors (a handful of Buck's 30+ customer complaints alleged unsuitable recommendations, excessive/unauthorized trading, and failure to follow instructions).
The original SEC complaint alleged that Buck received more than $2.5 million in excessive commissions and fees from more than 50 clients, while Merrill Lynch in 2015 settled 23 complains of fraud levied against Buck for $4.1 million.
If you have invested with former Merrill Lynch broker Thomas Joseph Buck or with any financial adviser whose unsuitable recommendations, omissions or misrepresentations of facts, or unauthorized/excessive trading has proven harmful to your investments or interests, such as through the accumulation of inappropriate and excess commissions/fees, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.