May 6, 2022. Prosser, Clapper and Johnson’s Client was awarded over $7.5 million in a FINRA arbitration on behalf of its Client against its Indiana-based financial advisor Tom Buck. The case stemmed from Mr. Buck’s overtrading and overcharging of the investor’s account at Merrill Lynch. Despite the investor making several million dollars, her accounts significantly underperformed the market during the 6-year period Mr. Buck mismanaged her money. In total the Panel awarded $7,526,826 including a specific federal and Indiana RICO violation awarding treble damages and a full attorney fee award. Prior to the arbitration, PCJ was able to negotiate a $5,500,000 settlement with Merrill and assist the client in obtaining $946,868, from a SEC Victim Fund established for Mr. Buck’s fraud. In total, PCJ was able to recover $13,973,694 for the investor.
A link to the fully executed Award can be found here. A link to the Prosser Firm’s press release can be found here.