Meyer Wilson reported that a former Merrill Lynch broker was facing several investor complaints
regarding improprieties on their accounts. Today, FINRA announced that it was
barring Thomas Buck from the securities industry.
Merrill Lynch fired Buck back in March after various customer complaints began to surface.
After leaving Merrill, Buck went to work for RBC Wealth Management. Now,
he is prohibited from associating with any FINRA member firm. In the letter
of settlement, FINRA accused Buck of improperly charging his customers
and authorizing trades without his customers’ consent.
To learn more about unauthorized trading, the investment fraud lawyers
at Meyer Wilson have provided some helpful resources:
Prior to these customer complaints and ban by FINRA, Buck had been Merrill
Lynch’s top broker in Indiana in terms of assets managed - $1.3 billion.
Despite the fact that 70% of all Merrill Lynch accounts in Indiana were
fee-based, an option that is less expensive for the customer, since 2009,
Buck had opted for primarily commission-based accounts. To justify the
more expensive commission-based accounts, claims FINRA, Buck made various
misrepresentations regarding potential advantages of this model.
When reached for comment, representatives at RBC claimed that the allegations
against Buck were inconsistent with how Buck portrayed himself during
the hiring process with RBC. RBC said that it remains dedicated to careful
management of its customers’ accounts, and claims that the misconduct
allegations facing Buck did not originate at any period while he was registered with RBC.
If you trusted a broker or financial advisor with your investments and
you lost a substantial amount of money, we invite you to contact Meyer
Wilson today and tell us what happened. We will provide you with a
free review of your case so you can learn your legal rights and options.