Our firm is investigating Buckman, Buckman & Reid broker Richard Anthony Panno (CRD# 724727), who is currently registered through the firm’s North Palm Beach, Florida branch office, for potential investment-related misconduct.
Stockbroker Richard Anthony Panno’s Career History
FINRA BrokerCheck shows that Richard Anthony Panno is currently associated with Buckman, Buckman & Reid, Inc., where he has been registered since April 28, 2010. His prior registrations include VFinance Investments, Inc. (07/2007–01/2010), Brookstreet Securities Corporation (01/2006–07/2007), Avalon Research Group, Inc. (08/2005–09/2005 and 04/2000–01/2003), Sterling Financial Investment Group / Sterling Financial Investment Group, Inc. (06/1999–03/2000 and 01/2003–08/2005), Financial Independence Systems, Inc. (04/1999–06/1999), North American Institutional Brokers (12/1997–05/1998), AIBC Investment Services Corporation (08/1997–11/1997), Nichols, Safina, Lerner & Co. Inc. (03/1996–03/1997), Deltec Asset Management Corporation (11/1990–01/1996), and Blinder, Robinson & Co., Inc. (02/1981–09/1981).
Richard Anthony Panno Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects three disclosure events for Panno: two customer disputes and one criminal matter. BrokerCheck also notes that disclosure events can include allegations that are contested and may be resolved through settlement without any admission or finding of wrongdoing.
2025 Settled Options-Related Supervision Matter
The most significant recent disclosure on Panno’s BrokerCheck report is a customer dispute reported as settled on June 5, 2025. The allegation was “failure to supervise” at Buckman, Buckman & Reid involving options. The report lists alleged damages of $2,250,000, states that FINRA arbitration was filed under docket number 24-01778, and shows that the matter settled for $1,250,000 with no individual contribution listed for Panno. The notice or process date is August 24, 2024.
2018 Settled Equity Recommendation Matter
A second customer dispute was reported as settled on October 28, 2018. According to BrokerCheck, the claim stated that Panno had been employed as the firm’s compliance officer for the three years prior to his accepting the position, referenced 2011 through 2012, and alleged “poor recommendations by rep.” The products listed were Equity-OTC and listed common and preferred stock. BrokerCheck reports alleged damages of $131,549, a FINRA arbitration filing under docket number 17-01991, and a settlement amount of $85,000, again with no individual contribution listed for Panno. The notice or process date is July 31, 2017.
Other FINRA Disclosure
BrokerCheck also reflects one final criminal disclosure dating back decades. That entry lists a charge date of September 14, 1976, describes the charge as “stealing ice cubes,” states it was not a felony, and shows a final status date of January 5, 1977. The broker statement says he opened an ice machine, removed a bag of ice, and that the matter was amended to disorderly conduct.
Reported Disclosures on BrokerCheck
- Customer dispute / FINRA arbitration (Docket No. 24-01778) — Allegation: failure to supervise; product type: options; notice served: August 24, 2024; alleged damages: $2,250,000; disposition: settled on June 5, 2025 for $1,250,000; individual contribution: $0.00.
- Customer dispute / FINRA arbitration (Docket No. 17-01991) — Allegation: claimant stated Panno was the compliance officer during the prior three years and referenced poor recommendations by a representative; product types: OTC equities and listed common/preferred stock; notice served: July 31, 2017; alleged damages: $131,549; disposition: settled on October 28, 2018 for $85,000; individual contribution: $0.00.
- Criminal disclosure — Charge date: September 14, 1976; charge listed: “stealing ice cubes”; felony: no; status: final as of January 5, 1977; broker statement: amended to disorderly conduct.
Richard Anthony Panno’s BrokerCheck report shows two settled customer disputes and one final criminal disclosure. Investors reviewing his record may want to study the timing, products, allegations, and settlement amounts closely. To obtain a copy of Richard Anthony Panno’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 3110 and Alleged Failure to Supervise
FINRA Rule 3110 requires member firms to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable securities laws, regulations, and FINRA rules. That rule is particularly relevant to the 2025 settled matter because BrokerCheck expressly lists the allegation as “failure to supervise” in connection with options activity at Buckman, Buckman & Reid. Where a customer alleges that supervisory controls failed and substantial losses followed, Rule 3110 is one of the primary rules examined.
FINRA Rule 2111 and Alleged Poor Recommendations
FINRA Rule 2111 is the suitability rule. FINRA explains that it includes reasonable-basis, customer-specific, and quantitative suitability obligations. That rule is relevant to the 2017/2018 disclosure because BrokerCheck reports allegations of poor recommendations involving OTC and listed equities. If the recommendations did not match the customer’s investment profile, objectives, risk tolerance, or needs, Rule 2111 would be one of the central standards used to evaluate that conduct.
FINRA Rule 2010 and Standards of Commercial Honor
FINRA Rule 2010 requires members, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade. It is often considered alongside more specific rules when alleged supervisory failures or unsuitable recommendations result in investor harm. In that sense, the complaints reflected on Panno’s BrokerCheck report present the kind of fact pattern in which Rule 2010 may be analyzed together with supervision and suitability obligations.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
