Harry Buckman Sanctioned, Involved In Client Complaints

Evidently, FINRA issued an Acceptance, Waiver Consent (AWC) on April 25, 2019, sanctioning Harry Buckman for supervisory failures. Notably, FINRA found that Buckman failed to adequately oversee two former registered representatives at his firm, resulting in unsuitable and excessive trading in multiple investors' accounts. Because of this, Buckman faced civil fine of $20,000, a suspension from all principal capacities for three months starting May 20, 2019, and ending August 19, 2019.

Supposedly, Buckman, as one of the owners of the brokerage firm, was responsible for reviewing the suitability of the investments recommended by the representatives. The lack of effective supervision allowed one representative to execute excessive trades, particularly in Unit Investment Trusts (UITs) and other long-term investment products, which were not suitable given their intended long-term holding period and high upfront costs. This resulted in about $210,000 in commissions and approximately $163,000 in losses across four investors' accounts.

Additionally, another representative engaged in unsuitable trading in several accounts, leading to further financial losses and client harm. Buckman’s failure to intervene when there were apparent red flags resulted in damages to the affected investors, according to FINRA.

Mayhill Agency LLC Investor Accused Harry Buckman Of Unsuitable Recommendations

Specifically, on July 25, 2016, a Mayhill Agency LLC client filed a complaint about Harry Buckman. Evidently, the client alleged that Buckman made unsuitable recommendations. Because of this, the client allegedly sustained damages on corporate bonds. Consequently, the client requested compensation from Mayhill Agency LLC or Buckman.

Buckman Disclosed Unauthorized Trading Allegations By Buckman Buckman Reid Inc. Client.

Particularly, a client of Buckman Buckman Reid Inc. contested Harry Buckman’s sales practices by filing FINRA Arbitration No. 02-05054. Allegedly, Buckman engaged in unauthorized trading, churning, and unsuitable trading. Therefore, FINRA Arbitrators issued an Award dated October 23, 2003, compelling Buckman Buckman Reid Inc. or Buckman to compensate the client in the amount of $75,000.

Did You Incur Losses Because Of Securities Broker Harry Buckman?

Did you suffer losses because of Harry Buckman? If so, reach out to Soreide Law Group online or at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses. Soreide Law Group has recovered losses for investors across the United States, operates on a contingency fee basis, and advances all costs. Buckman and the brokerage firms he worked with deny accusations of sales practice violations.