INDIANAPOLIS (WISH) — One man is facing a serious charge after officials said he defrauded clients by charging excessive commissions during his time as a financial advisor.
63-year-old Thomas Buck was charged with one count of securities fraud during his time at Merrill Lynch, Pierce, Fenner & Smith. It is believed Buck defrauded clients by charging much more than he should have for his services by failing to advise them of a payment structure that could have resulted in a financial savings for the client.
It is believed that Buck caused his clients to lose a total of $2 million due to his defrauding.
Buck has already agreed to plead guilt to the charge and could face up to 25 years in prison. He has also agreed to pay $5 million as part of his settlement.
W. Jay Abbot with the FBI’s Indianapolis Division released a statement saying:
These are not victimless crimes. These are crimes that can wipe out a family’s life savings and leave their financial future in ruins. That’s why the partnerships the FBI has with agencies such as the Securities and Exchange Commission are important to ensuring a stop is put to unauthorized and illegal activities.