Tactical Air Defense, Fresh Harvest Products: Unregistered Securities Sales by Brokers

stockbroker fraud attorneyBuckman, Buckman & Reid Allegedly Sold Unregistered Securities in Two Companies, Tactical Air Defense Services and Fresh Harvest Products Inc.

Buckman, Buckman & Reid, between April 2010 and July 2011, allegedly participated in the unlawful distributions of the shares of two issuers, Tactical Air Defense Services and Fresh Harvest Products Inc., whose securities were not registered and were not subject to an applicable registration exemption, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).

According to its Form 10-K dated April 15, 2011, Tactical Air Defense Services had no cash, net total assets of$88,000 and an accumulated deficit of$38,524,104 for the period ending December 31, 2009, the AWC reports. The AWC also notes that for the period ending January 31, 2010, Fresh Harvest Products Inc. had $1,474 in cash, net total assets of $97,515, total liabilities of $2,038,54, and an accumulated deficit of$4,761,316, according to its Form 10-Q dated March 22,20I0.

What is more, the AWC alleges, between October 1, 2008 and November 30, 2011, Buckman, Buckman & Reid allegedly failed to establish and implement a reasonable supervisory system and written supervisory procedures designed to achieve compliance with the Securities Act of 1933.

Buckman, Buckman & Reid Allegedly Failed to Establish and Implement Anti-money Laundering Policies and Procedures; Fined $200,000

Buckman, Buckman & Reid also allegedly failed to establish and implement anti-money laundering policies and procedures reasonably designed to detect and cause the reporting of suspicious transactions, according to the AWC.

What is more, the AWC alleges, between October 1, 2008 and November 30, 2011, Buckman, Buckman & Reid allegedly failed to establish and implement a reasonable supervisory system and written supervisory procedures designed to achieve compliance with the Securities Act of 1933.

Furthermore, between January 2010 and March 2012, Buckman, Buckman & Reid implemented material changes in its business operations by increasing the number of sales personnel beyond the purported “safe harbor” parameters without first obtaining approval from FINRA, the AWC notes.

The Peiffer Rosca Wolf Investment Recovery Lawyers Often Represent Investors

The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct may contact the investment recovery lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.