Wolper Law Firm Announces An Investigation Of Buckman, Buckman & Reid Regarding Its Sales Practices And The Supervision Of Its Financial Advisors
Wolper Law Firm, P.A. announces that it is investigating brokerage firm Buckman, Buckman & Reid regarding its investment sales practices with retail customers.
Buckman, Buckman & Reid is a brokerage firm founded in 1988 by H. John Buckman and John Reid. It is based in New Jersey but has branch offices nationwide. Since becoming a registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”), Buckman, Buckman & Reid has had sixteen (16) regulatory disclosures reported on its permanent record maintained by the Central Registration Depository (“CRD”). Among the regulatory events include the following:
In April 2019, Buckman, Buckman & Reid entered into a Letter of Acceptance, Waiver and Consent with FINRA and was ordered to pay a fine of $205,554, plus interest. The FINRA sanction related to “supervision of excessive trading and unsuitable concentration levels and supervision of registered representatives with disciplinary histories…”
In July 2018, the Florida Office of Financial Regulation entered a cease and desist order after it “failed to have a schedule for the inspection of non-branch locations and criteria for the frequency of the inspections in the firm’s supervisory procedures.”
In November 2015, Buckman, Buckman & Reid entered into a Letter of Acceptance, Waiver and Consent with FINRA and was ordered to pay a fine of $27,500. The FINRA sanction referenced that “the firm consented to the sanctions and to the entry of findings that…the firm executed portions of the customer orders at inferior prices.”
In January 2015, Buckman, Buckman & Reid entered into a Letter of Acceptance, Waiver and Consent with FINRA and was ordered to pay a fine of $200,000. The FINRA sanction referenced that “the firm consented to the sanctions and to the entry of findings that it participated in the unlawful distributions of the shares of two issuers whose securities were not registered and were not subject to an applicable registration exemption.”
In a recent arbitration filed by the Wolper Law Firm against Buckman, Buckman and Reid, it is alleged that its registered representative recommended the sale of a “low priced, thinly traded stock—CTX Virtual Trading Technologies (CTX).” The Buckman, Buckman and Reid Financial Advisor touted the CTX investment as an excellent growth opportunity with very little downside risk. When the price of CTX began to decline, it is alleged that the customer sought to sell CTX but Buckman, Buckman and Reid failed to facilitate the sale in accordance with the client’s instructions. The customer experience substantial financial losses.
What Should I Do If I Experienced Investment Losses With Buckman, Buckman & Reid?
The sole purpose of this release is to investigate the sales practices of Buckman, Buckman & Reid. Current and former clients of Buckman, Buckman & Reid who have experienced investment losses due to misconduct on the part of the brokerage firm are encouraged to call the Wolper Law Firm at 800.931.8452 or contact us by email at email@example.com. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.