Information for Current and Former Clients of Buckman, Buckman & Reid
Buckman, Buckman & Reid, Inc. (CRD#: 23407/SEC#: 8-40413) is a registered brokerage firm that is regulated by the FINRA. Headquartered in Little Silver, New Jersey, Buckman, Buckman & Reid is licensed to operate in 50 U.S. jurisdictions.
BrokerCheck indicates that this firm has 20 disclosures on its record, including 16 regulatory events and 4 FINRA arbitration awards.
At Sonn Law Group, our investment fraud lawyers are actively investigating complaints against Buckman, Buckman & Reid.
Below, we provide an overview of some notable sanctions and FINRA arbitration claims involving this firm. In addition, we also keep an up-to-date list of complaints and news stories related to brokers and advisors associated with this firm.
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Buckman, Buckman & Reid: Notable Investor Complaints and Regulatory Sanctions
Failure to Establish and Maintain a Supervisory System
In April or 2019, FINRA took enforcement action against Buckman, Buckman & Reid for its failure to create an adequate supervisory system. Under securities industry rules, broker-dealers are responsible for developing and maintaining a reasonably effective supervisory system.
As a result of this firm’s failure to comply with these requirements, FINRA alleges that unsuitable trades were made on behalf of several customers. Without admitting to or denying any wrongdoing, Buckman, Buckman & Reid agreed to pay $205,554 in financial restitution to affected investors and to review and revise its supervisory system to better detect patterns of unsuitable investment recommendations.
Firm Failed to Get the Best Price for Some Customers
In June of 2018, FINRA fined Buckman, Buckman & Reid $37,500 after determining that the broker-dealer improperly failed to get the best price on securities for some of its clients. More specifically, FINRA found that the firm violated securities industry rules pertaining to position limits. Broker-dealers must follow position limit requirements.
Unregistered Securities: Penny Stocks
In January of 2015, FINRA initiated enforcement action against Buckman, Buckman & Reid after finding that the brokerage firm participated in the unlawful distribution of two unregistered securities. The securities in question were risky low-priced securities, often referred to as ‘penny stocks’. Without admitting to or denying the allegations, the broker-dealer consented to the findings and agreed to pay a $200,000 monetary penalty.
FINRA Arbitration: Breach of Fiduciary Duty
In October of 2013, a FINRA arbitration panel based in Boca Raton, Florida awarded a Buckman, Buckman & Reid customer $49,929.24 in financial compensation after reviewing allegations of misconduct by the brokerage firm. The decision came after the investor sustained losses in common stock. In the arbitration claim, the customer raised several specific causes of action, including breach of fiduciary duty, omission of material facts, and failure to supervise.
At Sonn Law Group, our securities fraud lawyers fight tirelessly for investor rights. If you suffered substantial investment losses working with Buckman, Buckman & Reid or any Buckman, Buckman & Reid broker, we are prepared to help. For a free, strictly private initial consultation, please do not hesitate to call our law office at 866-827-3202.