Former Financial Advisor Could Receive Jail Time
The U.S. District Court for the Southern District of Indiana is located in downtown Indianapolis.
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA former Carmel-based financial advisor is facing up to 25 years in prison for alleged fraud that led to clients losing some $2 million. Tom Buck has pleaded guilty to securities fraud charges connected to allegations involving misinforming and incorrectly charging clients for commissions and fees while he was a registered financial advisor at Merrill Lynch.
Buck was with the firm for more than 30 years and the charges allege the fraud occurred more recently. FBI Indianapolis Division Special Agent in Charge Jay Abbott says "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."
Assistant United States Attorneys Cynthia Ridgeway and Nick Linder are prosecuting the case for the government. The Office of U.S. Attorney for the Southern District of Indiana Josh Minkler says Buck has agreed to an approximately $5 million civil settlement with the U.S. Securities and Exchange Commission.
You can connect to more about the allegations and charges by clicking here. Investors who believe they have been victims are being directed to the U.S. Department of Justice’s website.