ILLIAM BAUMNER Discloses Client Disputes
Buckman, Buckman & Reid Inc. securities representative William Baumner (CRD#: 2298690, Boca Raton, FL) purportedly made bad investment recommendations to clients, sold unsuitable securities, and misrepresented investments, according to claims filed by Buckman, Buckman & Reid Inc. investors. Notably, the Financial Industry Regulatory Authority (“FINRA”) shows that at least six clients filed claims about Baumner in the last five years. Here is a summary of the disputes:
Buckman Client Files FINRA Arbitration Suggesting William Baumner Sold Unsuitable Private Placements
A client of Buckman, Buckman & Reid brought FINRA Arbitration #: 18-03058 on August 29, 2018. Supposedly, William Baumner sold the client a private placement which was unsuitable. Baumner potentially failed to have a reasonable basis to believe that the private placement was suitable. Because of this, the client brought the claim for compensatory damages. Evidently, this matter is unresolved.
Arbitration Claim Alleges Baumner Caused Buckman Client Losses On Bad Private Placement Transaction
A second Buckman, Buckman & Reid client complained about William Baumner’s private placements. In FINRA Arbitration #: 18-02506 from July 11, 2018, the client suggested the private placements she purchased because of Baumner did not match with her investment goals or risk preferences. Allegedly, the client should not have invested in the private placements from 2012 to 2015. Therefore, the client wants at least $5,000 in compensatory damages as compensation for the losses. This matter is pending a resolution.
Buckman Client Complaint Suggests William Baumner Gave Bad Advice On Stocks
The third most recent complaint comes from another Buckman, Buckman & Reid client. Apparently, the client filed the complaint on September 27, 2017 to confront the firm about potentially unsuitable equities transactions from 2012 to 2016. It is possible Baumner sold common stock or preferred stock that was not compatible with the client’s risk tolerance. Because of the alleged poor recommendations, Buckman, Buckman & Reid compensated the client to settle. However, the firm did not admit liability.
March 13, 2014 Complaint Suggesting Baumner Misrepresented Investments
Evidently, William Baumner also reports a March 2014 complaint from a client of brokerages including Invest Financial Corporation, Investors Capital Corp. Mutual Service Corporation and Buckman, Buckman & Reid Inc. Supposedly, Baumner sold the client an unsuitable investment in a private company. Secondly, the client indicated that Baumner potentially misrepresented information about the private company investment. Thirdly, the client suggested that Baumner failed to act in the client’s best interests, breaching a fiduciary duty. Fourthly, the client brought claims of negligence and even fraud in regard to the private company investment. Eventually, the firms settled the matter on June 22, 2015 by agreeing to pay the client $50,000.
After working at the brokerage firm for approximately seven years, William Baumner’s employment with Buckman, Buckman & Reid terminated May 1, 2017. Currently, Baumner is located in Davie, Florida, where he is a Tradespot Markets Inc. general securities representative. Suffered losses by investing with William Baumner (Bill Baumner)? If so, contact Soreide Law Group at (888) 760-6552. You’ll be able to speak with experienced counsel about a possible recovery of your investment losses. Notably, Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.