Buckman, Buckman & Reid, Inc. VP Investigated For Failure To Supervise

Harry John Buckman Jr (CRD#: 2202467, Little Silver, New Jersey) is presently the senior vice president of Buckman, Buckman & Reid, Inc., a brokerage firm regulated by Financial Industry Regulatory Authority (“FINRA”) with main offices in Little Silver, New Jersey that conducts securities business in all 50 states. FINRA disclosed on Harry John Buckman’s BrokerCheck file that it is investigating him for failing to supervise the firm’s business practices.

FINRA Investigates Harry John Buckman Jr For Supervisory Failures

Specifically, FINRA disclosed on July 21, 2017 that it is investigating Buckman’s possible violations of FINRA Rules 3110 and 2010. According to FINRA Rule 3110, a member is required to establish and maintain a system to supervise each associated person’s activities. Accordingly, the supervision system is supposed to be reasonably designed to ensure compliance with FINRA Rules, securities laws and regulations. When a brokerage firm or overseer does not adequately supervise in this regard, they often run afoul of Rule 3110. FINRA has typically fined and suspended registered representatives for neglecting to supervise.

Customer Complaints Involving Harry John Buckman Jr.

Buckman’s FINRA BrokerCheck profile also shows that at least two Buckman, Buckman & Reid customers have alleged that Harry John Buckman Jr is liable for sales practice violations:

July 25, 2016 Complaint

On July 25, 2016, a Buckman, Buckman & Reid, Inc. customer submitted a written complaint. That customer claimed that unsuitable corporate debt investments were purchased in the customer’s brokerage account. The customer’s claim was closed without further action on January 31, 2018.

August 28, 2002 Arbitration

A Buckman, Buckman & Reid, Inc. customer brought NASD Arbitration #02-05054 on August 28, 2002, naming Buckman as a respondent. According to the Arbitration Award dated December 22, 2003, The Arbitration Panel found that Buckman, as branch manager, was responsible for excessive and unsuitable trades in the customer’s account. As a result, the Panel ordered Buckman to pay the customer $75,000.00 in damages.

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