According to the criminal complaint, Buck repeatedly told Merrill Lynch’s compliance personnel that he had made clients aware that cheaper pricing options were available to them.
In March 2015, Merrill Lynch parted ways with Buck and paid $4.1 million to settle nearly two dozen customer complaints associated with the charges. The same year, Finra barred Buck from the brokerage industry for allegedly conducting unauthorized trades and generating excess commissions. Buck's remaining team went their separate ways, including his two daughters, who took positions wth RBC.
In settling the SEC’s civil charges, Buck agreed to pay $2.23 million in civil penalities, $2.56 million in disgorgement and nearly $300,000 in prejudgment interest, according to the SEC. Any restitution from the criminal case would be deducted from the disgorgement amount owed in the SEC settlement.