November 12 , 2015
Buckman, Buckman & Reid entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while accepting and holding six customer market orders and three customer limit orders, Respondent executed nine proprietary trades at prices that would have satisfied the customer orders and subsequently executed portions of the customer orders at inferior prices . The conduct described constitutes separate and distinct violations of FINRA Rules 2010 and 5320.
FINRA found that during this period, the firm also failed to supervise its traders’ activity adequately in that it failed to review securities transactions in a manner designed to identify the trades that violated FINRA Rule 5320,. The conduct constitutes violations of NASD Rule 3010 and FINRA Rule 2010.
AWC No. 20130375913-01
Buckman Buckman & Reid was censured and fined $27,500. In addition the firm was ordered to undertake revisions to the firm’s written supervisory procedures with respect to the matters raised in the AWC.
Buckman Buckman & Reid is headquartered in Shrewsbury, New Jersey , and has been a FINRA member since 1989. It has more than 70 registered agents and branch offices located in Pittsburgh, PA, Boca Raton, FL and Scotch Plains, New Jersey.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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