Reuters - Ex-Bank of America Merrill Lynch broker agrees to plead guilty

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A former Bank of America Merrill Lynch broker has agreed to plead guilty to a criminal charge of securities fraud for billing clients excessive commissions, according to federal court documents unsealed on Tuesday.

Reuters reports that Tom Buck, once a top Merrill Lynch financial adviser in Indiana, could face up to 25 years in prison if convicted.

In a parallel case, Buck agreed to pay $5 million to settle civil charges brought with the U.S. Securities and Exchange Commission, which alleged that Buck overcharged at least 50 clients around $2.5 million in fees and commissions.

Robert Hammerle, Buck’s lawyer in the criminal case, said his client admitted he overcharged clients, but that all of the clients made money and none “lost their life savings.”

Hit the link below to access the complete Reuters article:

Ex-Merrill Lynch broker to plead guilty to securities fraud

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