Articles Tagged with William Bucci

shutterstock_114128113Back in Decmeber 2013, the law offices of Gana Weinstein LLP reported that “Former Ryan Beck and Oppenheimer Financial Advisor William Bucci Barred From the Financial Industry” where we reported that The Financial Industry Regulatory Authority (FINRA) barred Bucci for allegedly accepting 19 personal loans totaling $635,000 from nine customers in violation of FINRA rules. FINRA also alleged that Bucci willfully failed to amend his Form U4 to disclose material facts relating to two judgments that were entered against him. In addition to these claims, several customers filed complaints alleging that Bucci sold illegal promissory notes.

Recently, a combined investigation by the IRS and the FBI led to the filing of a federal complaint in the Eastern District Court of Pennsylvania against Bucci in connection with the foregoing activities. The complaint alleged that Bucci willfully made Individual Income Tax Return, Form 1040, for the calendar years 2007, 2008, 2009, and 2010 that falsely understated his income.

In addition, a second superseding indictment was filed against Bucci on July 22, 2014, by the United States Attorney’s Office for the Eastern District of Pennsylvania alleging that Bucci was running an investment fraud scheme that deceived investors into turning over more than $3.2 million. According to a press release issued by the office, Bucci told his victims he was starting a wine and high end olive oil import business to import the goods from Italy. The release stated that Bucci was a licensed stockbroker and a non-lawyer elector on the Pennsylvania Court of Judicial Discipline who never had an olive oil and wine business. The release also alleged that Bucci also solicited individuals to loan money for the purchase of real estate. According to the indictment, Bucci used the funds to supplement his income and to support his lifestyle as well as to make payments to earlier victims.

The Financial Industry Regulatory Authority (FINRA) recently barred financial advisor William D. Bucci (Bucci) for allegedly accepting 19 personal loans totaling $635,000 from nine customers in violation of FINRA rules.  Bucci also allegedly willfully failed to amend his Form U4 to disclose material facts relating to two judgments that were entered against him.  In addition, customers have filed complaints alleging that Bucci sold illegal promissory notes.

Bucci has been licensed as registered securities representative since 1983.  From April 27, 2002, until April 2007, Bucci was a registered representative with Ryan Beck & Co. (Ryan Beck). Thereafter, and until August 2011, Bucci was registered with Oppenheimer & Co. (Oppenheimer).  Finally, from August 2011, until May 2012, Bucci was registered with Financial Network Investment Corp. (Financial Network).  Bucci’s public disclosures list that he is involved in a number of companies and other business activities including Delaware Valley Financial Group, LLC, DVFG Advisors, LLC, Chestnut Hill College Board of Trustees, Gennaro Vuono & William Bucci, 3010 Ocean Ave, LLC, 510 Seacliff LLC, 210 Sea Spay LLC, and 216 Sea Spay LLC.

FINRA alleged that between May 2004 and December 2010, Bucci accepted 19 personal loans from nine brokerage customers totaling $635,000.  FINRA found that all of the personal loans paid annual interest of at least 10 percent and had terms of up to five years.  In one instance, Bucci was accused of borrowing $425,000 in ten loan transactions from an elderly retired couple who were customers of Bucci at Ryan Beck and Oppenheimer.  FINRA alleged that none of the elderly couple’s loans have been repaid.  Further, according to FINRA, the elderly couple loaned Bucci a portion of the $425,000 by withdrawing money from their brokerage accounts and securing a second mortgage on their home.  FINRA found that Bucci’s conduct violated NASD Rules 2370 and 2110 and FINRA Rules 3240 and 2010.

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