Current Investigations

Thomas J. Buck Allegedly Trades His Customers’ Accounts Excessively

By June 6, 2019 No Comments

Thomas J. Buck was an Indianapolis based securities broker. He worked in the securities industry for thirty-three years. He spent his career registered with just two different securities firms. They were Merrill Lynch (1981-2015) and RBC Capital Markets (2015). He is no longer working as a registered securities broker in any fashion.

Thomas J. Buck’s publicly available FINRA BrokerCheck report shows that he has received numerous customer complaints over the course of his career.

In May 2006, customers alleged that Buck charged them excessive fees and made an unauthorized purchase. This case was settled for $75,000 in damages.

In March 2015, a customer alleged that Thomas J. Buck traded their account excessively. This case was settled for $300,000 in damages.

In April 2015, customers alleged that Buck made unauthorized trades in their account. The alleged transgressions taking place between 2012 ad 2015. This case was settled for $210,000 in damages.

In April 2015, a customer alleged misrepresentation. This allegedly took place between May 2011 and March 2015. This case was settled for $49,500 in damages.

In April 2015, a customer, through her attorney, alleged excessive trading and unsuitable investment recommendations. The alleged transgressions taking place between January 2006 and March 2015. This case was settled for $140,000 in damages.

In May 2015, customers alleged that Thomas J. Buck misrepresented the details of the investments, excessively traded their account, and made unsuitable investment recommendations. The alleged transgressions taking place between February 2009 and March 2015. This case was settled for $275,000 in damages.

Also in May 2015, a customer alleged unauthorized trading. This case was settled for $300,000 in damages.

In June 2015, customers alleged unauthorized trading and misrepresentation. The alleged transgressions taking place between January 2010 and March 2015. This case was settled for $600,000 in damages.

In July 2015, a customer alleged that Thomas J. Buck misrepresented the details regarding commissions charged between January 2009 and March 2015. This case was settled for $719,014 in damages.

In January 2016, an attorney, on behalf of a customer, alleged that Thomas J. Buck misrepresented and omitted material facts concerning fees and commissions he charged them. The customer also alleged unsuitable investment recommendations. The alleged transgressions taking place between December 2011 and March 2015. This case was settled for $56,953 in damages.

In October 2017, Thomas J. Buck was officially sanctioned by the United States Securities and Exchange Commission. The findings in this matter state that he conveyed to customers that the total commissions they would have to pay annually would not exceed a certain amount. However, the commissions that these investors ended up owing to him allegedly exceeded the annual amount he promised it would not. Due to these alleged actions, Thomas J. Buck was ordered to pay over $2.5 million in disgorgement.

Thomas J. Buck was eventually barred by United States Securities and Exchange Commission from acting as a securities broker in any fashion.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Thomas J. Buck, please contact Oakes & Fosher for a free and private consultation.