Securities Lawyers Blog
Our law firm represents individual and institutional investors that have been mistreated by their brokers and brokerage firms, such as Buckman, Buckman & Reid, Inc. Many investors do not recognize broker misconduct in their accounts, and those that do are often hesitant to seek help. Broker misconduct spans many issues that violate industry rules, including unauthorized trading, breach of fiduciary duty, unsuitable asset allocation, and churning. The attorneys at Gana Weinstein LLP can analyze your accounts and investments to determine if there was misconduct in the handling of your account.
Buckman, Buckman and Reid is a full-service broker-dealer offering brokerage in equities, corporate debt, municipal and government securities, options, mutual funds and private placements. Founded in New Jersey in 1988 and headquartered in Little Silver, the family-owned firm is registered in all 50 states and is controlled by the Buckman family through JTC Holdings.
Buckman, Buckman & Reid, Inc. – By the Numbers:
- CRD #: 23407
- Regulatory Events: 18
- Arbitration Events: 4
- Broker Employees: 33
Buckman, Buckman & Reid, Inc. – In the News:
FINRA v. Buckman, Buckman & Reid, Inc. (Case #2021072680701) – Between March 2020 and October 2020, Buckman, Buckman & Reid conducted a securities business while failing to maintain its minimum required net capital. As a result, the firm violated Section 15(c) of the Securities Exchange Act of 1934, Exchange Act Rule 15c3-1, and FINRA Rules 4110 and 2010. During the same period, Buckman, Buckman & Reid failed to timely file with the U.S. Securities Exchange Commission (SEC) and FINRA notices of its net capital deficiencies and filed with FINRA inaccurate Financial and Operational Combined Uniform Single (FOCUS) reports. In addition, the firm failed to maintain books and records reflecting an accurate computation of its aggregate indebtedness and net capital. As a result, the firm violated Exchange Act § 17(a), Exchange Act Rules 17a-3, 17a-5, and 17a-11, and FINRA Rules 4511 and 2010.
FINRA v. Buckman, Buckman & Reid, Inc. (Case #2017053083201) – From February 14 through August 14, 2017, Buckman violated Rule 606 and FINRA Rule 2010 by: (1) failing to publish a report reflecting its routing of covered securities for the third quarter of 2017 (“3Q17”); (2) failing to disclose payment for order flow that the firm received from an executing venue; and (3) improperly adopting by reference the report of an executing broker. The firm also violated FINRA Rules 3110 and 2010 when it failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), that was reasonably designed to achieve compliance with Rule 606.
FINRA v. Buckman, Buckman & Reid, Inc. (Case #2018058266301) – From January 2013 through April 2017, BBR failed to establish and maintain a supervisory system, and failed to establish, maintain, and enforce written supervisory procedures (“WSPs”), that were reasonably designed to achieve compliance with FINRA’s suitability rule. In addition, BBR and Buckman—who was the Firm’s designated supervisory principal responsible for conducting suitability reviews—failed to reasonably supervise two former registered representatives, GK and RI, who, while registered through BBR, recommended excessive and unsuitable trades in multiple customer accounts. As a result of the foregoing, BBR and Buckman violated NASD Rule 3010 (for conduct before December 1, 2014), FINRA Rule 3110 (for conduct on or after December 1, 2014), and FINRA Rule 2010.
FINRA v. Buckman, Buckman & Reid, Inc. (Case #2016049343502) – In Matter No. 20160493435, the Options Regulation staff of FINRA’s Department of Market Regulation reviewed whether BBR established options positions, or allowed customers to establish options positions, outside the prescribed position limits between February 25, 2016 and March 17, 2016. On February 25, 2016, BBR effected opening transactions for a customer’s account that exceeded the applicable position limit of 50,000 contracts by 5,676 contracts, and on the next trading day it executed an additional 500 contracts for the same customer, bringing the excess to 6,176 contracts. In a related matter, FINRA’s OATS Compliance Team reviewed the firm’s compliance with FINRA Rule 7450 between May 13, 2015 and June 30, 2016.
FINRA v. Buckman, Buckman & Reid, Inc. (Case #2014039940501) – In Review No. 20140399405, FINRA’s Department of Market Regulation conducted a Trading and Financial Compliance Examination of the firm’s trading for the trade dates of February 18-28, 2014. During the examination period, the firm transmitted to OATS 34 reports with inaccurate Account Type Codes, in violation of FINRA Rule 7450(a), and failed to show the correct order receipt time on the memorandum of 19 brokerage orders, in violation of Section 17(a) of the Securities Exchange Act of 1934, SEC Rule 17a-3, and FINRA Rule 4511.
Our investment fraud lawyers have recovered losses for hundreds of investors through FINRA arbitration awards and settlements. If you have concerns about a broker at Buckman, Buckman & Reid, Inc., contact Gana Weinstein LLP for a free consultation.