Financial Industry Regulatory Authority (FINRA) BrokerCheck shows disclosures about securities broker Scott Eugene Buck [CRD: 1374445, Stow, Ohio]. Buck has worked for LPL Financial LLC since September 10, 2008. Keep reading to learn more about a recent regulatory action involving this broker.
Evidently, on July 22, 2024, FINRA issued Letter of Acceptance, Waiver, and Consent (AWC) No. 2022075350101, sanctioning Scott Buck. Buck was fined $7,500. He also was suspended for two months from being a securities broker or holding other securities positions with FINRA-member firms. The sanctions stem from alleged unauthorized trading in mutual funds within the account of a deceased client, totaling approximately $44,000, between December 2018 and December 2020. Buck supposedly falsely indicated to LPL Financial that he had attempted to contact the client in question, leading to a violation of FINRA Rule 2010.
Additionally, FINRA claimed that from November 2019 to September 2021, Buck used unapproved communication methods, such as his personal cell phone, to exchange nearly one hundred text messages with some LPL Financial clients about securities business, including investment recommendations and transactions. These communications were not retained. Because of this, LPL Financial to violate recordkeeping obligations under the Securities Exchange Act of 1934.
Also, FINRA claimed that Buck falsely indicated on a compliance questionnaire in October 2020 that all his business communications were conducted through approved methods. As a result, Buck violated FINRA Rules 2010 and 4511.
Contact Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney for more information. Buck and the brokerage firm deny accusations of sales practice violations. Soreide Law Group has experience representing investors throughout the country. The firm handles cases on a contingency basis.
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