{"id":7000,"date":"2019-05-02T15:22:48","date_gmt":"2019-05-02T20:22:48","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=7000"},"modified":"2019-05-02T15:22:48","modified_gmt":"2019-05-02T20:22:48","slug":"buckman-buckman-reid-finra-fine","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/buckman-buckman-reid-finra-fine\/","title":{"rendered":"Buckman, Buckman & Reid To Pay Customers $205K"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority (FINRA)<\/a> announced that Buckman, Buckman & Reid, a New Jersey-based brokerage firm, will pay about $205K in restitution to seven clients to settle claims that it did not reasonably supervise two ex-registered representatives accused of recommending \u201cexcessive and unsuitable trades.\u201d The self-regulatory authority (SRO) has already barred both former brokers from the industry.<\/p>\n

Also dealing with sanctions are Buckman Senior VP and owner Harry John Buckman, Jr., who supervised the two former brokers. Mr. Buckman was suspended for three months, ordered to pay a $20K fine, and must fulfill continuing education hours related to fulfilling supervisory duties.<\/p>\n

FINRA said that the brokerage firm and Buckman neglected to identify when one of the ex-representatives was taking part in short-term Unit Investment Trust (UIT)<\/a> trading on a frequent basis, as well as engaging in \u201cother long-term investments\u201d that charged customers substantial, upfront expenses. As a result, between \u201913 to \u201914 Buckman customers that were harmed ended up paying about $201K in commissions while sustaining approximately $163K in losses. Meantime, although there were red flags indicating \u201cpotentially excessive trading\u201d by this former broker, the firm is accused of not reviewing these warnings.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority (FINRA) announced that Buckman, Buckman & Reid, a New Jersey-based brokerage firm, will pay about $205K in restitution to seven clients to settle claims that it did not reasonably supervise two ex-registered representatives accused of recommending \u201cexcessive and unsuitable trades.\u201d The self-regulatory authority (SRO) has already barred both former brokers […]<\/p>\n","protected":false},"author":2,"featured_media":7029,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3783,3774,3739,3776],"tags":[3395,3396,3397],"class_list":["post-7000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-broker-misconduct","category-broker-dealers","category-finra","category-finra-settlements","tag-buckman","tag-buckman-reid","tag-harry-john-buckman"],"yoast_head":"\nBuckman, Buckman & Reid To Pay Customers $205K — Investor Lawyers Blog — May 2, 2019<\/title>\n<meta name=\"description\" content=\"Buckman, Buckman & Reid have been ordered by FINRA to pay $205K in restitution to several clients over excessive trading claims.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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