Former Merrill Lynch Broker Pays $5M for Overcharging Clients
Thomas J. Buck, a former broker at Merrill Lynch, agreed to a $5 million settlement with the Securities and Exchange Commission (SEC) over allegations that he overcharged his clients millions of dollars in fees.
Former Merrill Lynch broker Thomas J. Buck profited $2.5M in excessive fees from at least 50 clients.
The SEC accused Buck of charging excessive fees, despite telling clients that his fees were capped, and misleading clients by failing to offer them less expensive investment products in order to generate larger fees. In total, Buck profited $2.5 million in excessive fees from at least 50 clients. Since 2015, more than 30 complaints have been filed against Buck and have been settled for over $3 million.
As the nation’s largest contingency fee law firm, the Business Trial Group has the resources necessary to take on the most complex investment and securities cases, and is dedicated to achieving the best possible result in your case. Our attorneys have worked in brokerage firms, earned MBAs, and spent many years as defense lawyers for Wall Street firms, giving them an extensive understanding of securities laws and FINRA policies.
Our clients pay no upfront fees or retainers, and we only receive a fee if we successfully recover compensation on your behalf.
For a no cost and no obligation case review, please call us at (877) 599 3102 or fill out our free case review form.