Top Financial Adviser, Tom Buck, Fired By Merrill Lynch
Thomas J. Buck, a senior vice president of investments at Merrill Lynch, was fired last month due to the company’s loss of confidence following Buck’s mislabeling a bond trade, failing to disclose key information to a client, and giving inaccurate information to his managers – all according to recent reports.
Tom Buck, 61, spent over 33 years at Merrill Lynch in Indianapolis, Indiana, while becoming one of the country’s top financial advisers. Barron’s ranked Buck as the top financial adviser in Indiana every year since 2009, reporting that he had $1.5 billion in client assets under management. Barron’s also reported that his roughly 500 clients had a typical net worth of $10 million.
According to the Financial Industry Regulatory Authority, or FINRA, Tom Buck had one other run-in with regulators before his dismissal from Merrill Lynch. In 2006, he settled a dispute from a client who claimed excessive fees and an unauthorized purchase of New York Stock Exchange listed limited partnership. The case was settled for $75,000.
Tom Buck was employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated. The company offers security brokerage and dealership services, and provides investment advisory services. Bloomberg Business reports that in December 2014 the company was fined $1.9 million for fair pricing and supervisory violations in connection with more than 700 retail customer transactions in distressed securities over a two-year time period. Merrill Lynch was also ordered to pay more than $540,000 in restitution, plus interest, to affected customers. The firing of Tom Buck is the latest in negative news for Merrill Lynch.
Starr Austen & Miller, LLP is currently investigating claims against Tom Buck and Merrill Lynch. If you believe you may have been adversely affected by the actions of Tom Buck or Merrill Lynch, contact our office today to speak with one of our attorneys.