Category Archives: Buckman Buckman and Reid

Glenn R. King- Prior Buckman, Buckman & Reid, Inc. Broker- Discloses FINRA Sanction, Numerous Customer Disputes – Shrewsbury, NJ

August 2017 – Shrewsbury, NJ

According to publicly available records  Glenn Robert King (CRD#2191091) , a former stockbroker who was last registered with Buckman, Buckman & Reid, Inc. disclose a regulatory event, 20 customer disputes, a  separation from employment and an outstanding judgment/lien.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In2015 , FINRA commenced an investigation into a complaint alleging that King  made fraudulent misrepresentations and omissions to his retiree customers , promising that he would use their investment funds to purchase safe and no-risk bonds and that he wouldn’t charge fees or commissions.

In reality, according to FINRA,  King used the customers’ funds to purchase UITs resulting in approximately $17,000 in realized losses to customers and approximately $43,000 in unrealized losses and approximately $38,000 in commissions to him.   The complaint also alleges that King engaged in a pattern of short-term trading in long-term investments products in accounts of customers.   This pattern of trading was excessive and unsuitable and resulted in approximately $163,000 in customer losses and gross commissions to King of approximately $210.000.   The complaint further alleges that King exercised discretion in the accounts of customers without the ir written authority or the approval of his firm.   In 8/2017  Glenn King was permanently barred from FINRA.

In FINRA Case 15-01027 , a Buckman, Buckman & Reid, Inc. customer alleged  misrepresentation in connection with an investment in a Unit Investment Trust. That case was settled for $75,000.

In currently pending FINRA Case 15-3462, a Buckman, Buckman & Reid, Inc., customer alleges unauthorized trading and unsuitability in connection with an investment in a Unit Investment Trust (UIT) and seeks damages of $150,000.

In FINRA Case 15-3259 , a  Buckman, Buckman & Reid, Inc. customer alleges unauthorized trading and unsuitability in connection with a UIT investment and seeks damages of $428,000.

In June of 2011, Royal Alliance, Associates allowed King to “voluntarily resign”  while he was under an internal review regarding the sale of investment products such as UITs and mutual funds to certain customers because of misrepresentation and failure to deliver a product prospectus.

 

King  was employed with Royal Alliance, Associates from January 2005 to June 2011.  He was employed with Saxony Securities, Inc. from June 2011 to October 2011 and with Garden State Securities, Inc. October 2011 to November of 2011 before going to work for in Buckman, Buckman & Reid, Inc. in January of 2012.

King discloses an outstanding lien to the Internal Revenue Service of $234,400.

If you have questions about an account handled by Glenn Robert King contact us to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jason H. Klabal-Former Legend Securities Broker-Discloses Customer Disputes

January 2017- New York

According to publicly available records Jason H. Klabal , (CRD# 2910714) ,  a  stockbroker who is currently employed by Alexander Capital disclose 2 currently pending customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In FINRA Case 16-3549, a customer of Klabal’s former employer, Legend Securities,  alleges damages of $200,000 for churning, misrepresentation, breach of fiduciary duty, negligence and breach of contract.

In FINRA Case 16-3029, a customer of Klabal’s former employer, Legend Securities, alleges damages of $150,000 for fraud, churning, excessive margin, over concentration, breach of fiduciary duty, breach of contract and negligence.

Klabal has been employed by Alexander Capital since 6/2016.  He was previously employed by Legend Securities and before that, Buckman Buckman and Reid. 

If you have questions about an account in an account handled by Jason H. Klabal, contact us to discuss your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William L. Baumner of Buckman, Buckman & Reid Discloses Customer Dispute/Outstanding Liens-Boca Raton, FL

Boca Raton, Florida

According to FINRA records,  William L. Baumner, IV ,   a stockbroker who currently works for Buckman, Buckman & Reid   discloses  a currently pending customer dispute. In addition he discloses 6 prior finalized customer disputes and 5 pending judgment/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

A customer  while Baumner was employed at Invest Financial Corp. has filed a complaint in Palm Beach County Circuit Court alleging misrepresentation of material facts, insider trading and fraud. No specific amount of damages is alleged. Case # 502010CA017971.

Baumner discloses five outstanding liens in favor of the IRS ranging from $5,825 to over one million.

Baumner has been employed by Buckman, Buckman & Reid since 3/2010.

If you have questions about an account handled  William Baumner, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Dwarka Persaud-Former Buckman Buckman & Reid Broker-Discloses Regulatory Suspension/Customer Disputes/ Bankruptcy Filing-Plainfield, NJ

UPDATE OCTOBER 2017Dwarka Persaud Suspended-In August 2017 FINRA suspended Persaud for 18 months to resolve allegations that he violated the terms of a heightened supervision agreement which he and his firm had made with the New Jersey Bureau of Securities. FINRA found that Persaud provided false and misleading information to FINRA regarding the use of Linkedin  or other social media for business purposes and misrepresented the location from which he conducted business, and other industry violations.

In light of Persaud’s financial status, no monetary sanction was assessed.

UPDATE APRIL 2017

October 2016- Dwarka Persaud discloses that a customer of Buckman Buckman & Reid alleges damages of $40,000 related to investment strategy and fees in April 2016.

February 2017-Dwarka Persaud discloses filing of Chapter 7 bankruptcy in Newark, NJ Federal Court.

ORIGINAL POST–March 30, 2016

In FINRA Case 14-3762,  decided 2/5/2016 stock broker Dwarka Persaud was ordered to pay a former client $48,680, plus interest and attorney fees. The customer had alleged churning, unsuitability, breach of fiduciary duty and other claims related to the purchase and sale of securities.

FINRA records report that there are currently two customer disputes pending  against Persaud for account churning and unauthorized trading. Persaud was employed by Garden State Securities from 8/2008-4/2015. He is currently employed by Buckman, Buckman & Reid in Plainfield, New Jersey..

If you have questions about an account handled by Dwarka Persaud call to speak with an experienced securities attorney. You may be able to recover damages.

From the Financial Industry Regulatory Authority (FINRA) website:

“FINRA is dedicated to investor protection and market integrity through effective and efficient regulation of the securities industry.

FINRA is not part of the government. We’re an independent, not-for-profit organization authorized by Congress to protect America’s investors by making sure the securities industry operates fairly and honestly.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Carlo W. Corzine Settles Customer Complaint- Tactical Air Defense Inc.

March 27, 2016

FINRA records report that Carlo W. Corzine, who is currently registered with Dawson James Securities in Boca Raton, FL, recently settled a customer dispute.

The complaint alleged that while he was employed by Buckman, Buckman and Reid, Corzine made misrepresentations regarding Tactical AIr Defenses, Inc. The case was settled in January 2016 for $30,000.

If you have questions about an account handled by Carlo W. Corzine, call to speak with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Buckman Buckman & Reid Sanctioned by Regulators

November 12 , 2015

Buckman, Buckman & Reid  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while accepting and holding six customer market orders and three customer limit orders, Respondent executed nine proprietary trades at prices that would have satisfied the customer orders and subsequently executed portions of the customer orders at inferior prices . The conduct described  constitutes separate and distinct violations of FINRA Rules 2010 and 5320.

FINRA found that during this period, the firm also failed to supervise its traders’ activity adequately in that it failed to review securities transactions in a manner designed to identify the trades that violated FINRA Rule 5320,. The conduct constitutes violations of NASD Rule 3010 and FINRA Rule 2010.

AWC No.  20130375913-01

Buckman Buckman & Reid  was censured and fined $27,500. In addition the firm was ordered to undertake revisions to the firm’s written supervisory procedures with respect to the matters raised in the AWC.

Buckman Buckman & Reid is headquartered in Shrewsbury, New Jersey , and  has been a FINRA member since 1989. It has more than 70 registered agents and branch offices located in Pittsburgh, PA, Boca Raton, FL and Scotch Plains, New Jersey.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Buckman, Buckman & Reid Sanctioned by Securities Regulator

January 26, 2015-

Buckman, Buckman & Reid and John Buckman, its chairman and CEO ,  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  between April 2010 and July the firm participated in the unlawful distribution of shares  of two issuers whose securities were not registered and were not subject to an applicable exemption.

FINRA also alleged various other compliance and supervisory failures in connection with the sale of unregistered shares of Tactical Air Defense Services, Inc.  ( TADF) and Fresh Harvest Products, Inc. (FRHV) .

Buckman, Buckman & Reid was censured and fined $200,000. John Buckman was suspended in a principal capacity for a month and fined $25,000.

FINRA Case # 2011029206503

Buckman, Buckman & Reid has been registered with FINRA since 1989. Its home office is in Shrewsbury, New Jersey, and it has a branch office in Boca Raton, FL.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870