Former Merrill Lynch Broker Pays $5M for Overcharging Clients

Thomas J. Buck, a former broker at Merrill Lynch, agreed to a $5 million settlement with the Securities and Exchange Commission (SEC) over allegations that he overcharged his clients millions of dollars in fees.

Former Merrill Lynch broker Thomas J. Buck profited $2.5M in excessive fees from at least 50 clients.

The SEC accused Buck of charging excessive fees, despite telling clients that his fees were capped, and misleading clients by failing to offer them less expensive investment products in order to generate larger fees. In total, Buck profited $2.5 million in excessive fees from at least 50 clients. Since 2015, more than 30 complaints have been filed against Buck and have been settled for over $3 million.

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