Former Merrill Lynch Indianapolis broker, Thomas J. Buck, Pleads Guilty to Securities Fraud

THOMAS JOSEPH BUCK (Thomas J. Buck) CRD#: 1024868, a former registered representative of Merrill Lynch in Indianapolis, Indiana, was barred from the securities industry and pleaded guilty on October 31, 2017, to overcharging his clients millions of dollars. He agreed to a settlement with the SEC to pay back more than $5 million--$2.6 million in disgorgement, a $2.2 million penalty, and interest of $297,000.
Thomas J. Buck also pleaded guilty to one count of securities fraud, following an FBI probe. Buck faces up to 25 years in prison. Buck is currently living in Orchid, Florida.
According to the complaint filed by the SEC, from 2012 through March 2015,  Thomas J. Buck, who 63 years old, received more than $2.5 million in excessive commissions and fees from at least 50 of his clients. At the time, Buck was located in Carmel, Indiana. He headed the "Buck Team" with more than 3,000 accounts and $1.3 billion in assets under his management.
Allegedly, Buck placed clients into accounts where they paid commissions, not less expensive fee-based choices.  According to the SEC, Buck did not tell his clients that his commissions exceeded the limits promised, and he placed unauthorized trades in some of the clients’ accounts.
Thomas J. Buck was fired by Merrill Lynch in March 2015. FINRA barred Buck in July of 2015 from acting as a broker or otherwise associating with firms that sell securities to the public.
According to FINRA’s BrokerCheck, Thomas J. Buck has 38 Disclosures on his report, 36 of which are “Customer Disputes” dating back to 2006.
Many of the complaints allege, among several other allegations: omission of material facts regarding fees and commissions, unauthorized trading, excessive trading and misrepresentation and omission of material facts.  These complaints have all settled, many of them in the hundreds of thousands of dollars.
Thomas J. Buck, according to FINRA’s BrokerCheck, had 33 years experience in the securities industry and was listed with the following 2 firms:
04/09/2015 - 07/29/2015  RBC CAPITAL MARKETS, LLC - INDIANAPOLIS, IN
12/28/1981 - 04/02/2015  MERRILL LYNCH, PIERCE, FENNER & SMITH INC - INDIANAPOLIS, IN 
If you were a client of former Merrill Lynch Indianapolis broker, Thomas J. Buck, and experienced losses due to his actions or recommendations, call Soreide Law Group and speak to an experienced securities lawyer at no cost to you regarding the possible recovery of your investment losses at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.