April 2019 – Little Silver, NJ/Boca Raton, FL
According to publicly available records Buckman, Buckman & Reid and Harry John (“Chip”) Buckman , were recently sanctioned by FINRA for failing to supervise two of the firm’s brokers who excessively traded customer accounts causing substantial losses.
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.
Buckman, Buckman & Reid was censured and ordered to pay restitution in excess of $200,000 to customers. In addition the company is required to have a review performed of the company’s supervisory procedures.
This is not the first time this company has been sanctioned by securities regulators. Their official FINRA record discloses 15 prior regulatory matters.
Chip Buckman, who is a senior vice president of the company, was suspended for three months from associating with any FINRA member in any principal capacity. He was also assessed a fine of $20,000 and ordered to attend and successfully complete 40 hours of continuing education concerning supervisory procedures.
If you have questions about an investment account at Buckman, Buckman & Reid, contact us for a no charge consultation to learn about 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.
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