Ex-Merrill Lynch powerhouse broker banned from securities


A former powerhouse investment broker, who managed $1.3bn for Merrill Lynch before he was fired, has been permanently banned from the securities industry for charging his customers excessive fees and making unauthorized trades, the industry’s regulator said Tuesday.

The New York Post reports that Thomas Buck, a former Indiana University linebacker who hired his NFL cheerleader daughter to work on his team, was one of Merrill’s biggest and most powerful producers before his dismissal in March sent shockwaves through the bank.

Buck, who was based in Indiana, agreed to the ban in a consent order with the Financial Industry Regulatory Authority. He resigned last week from RBC Capital Markets, where he worked after his firing from Merrill.

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Former heavy-hitting Merrill broker banned from securities industry

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