# BUELL SECURITIES CORP. X-17A-5 (2026-07-23) — Broker-dealer annual report - Company: BUELL SECURITIES CORP. - Form: X-17A-5 - Filed: 2026-07-23 - Period: 2026-05-31 - Accession: 0000015168-26-000004 - CIK: 15168 - File #: 8-22058 - Type: Broker-dealer - Material weakness: No - Auditor: Thomas Faust, CPA LLC d/b/a Thomas Faust CPA - Auditor location: Lafayette, IN - Contact: Vicki Kupec - Phone: 860-657-1708 - Email: thomasfaustcpa2@gmail.com - Signed by: Chris D. Berris (CEO/President) Original filing: https://www.sec.gov/Archives/edgar/data/15168/000001516826000004/auditpublic.pdf --- {0}------------------------------------------------ FUMLBffi UNITED STATES SECURITIES AND EX€HANGE COMMISSION Washington, D.C.20549 | A
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5 | FACING PA6E lnformation Required Pursuant to Rules 17a-5, !7a-72, and 18a-7 under the secu.ities Exchange Act of 1934 FiLTNG FoR rHE pERroD BEGTNNTNG 0610112025 AND ENDTNG 0513112026 MM/DD/YY MM//DDlYY A. REGISTRANT IDENTIFICATION NAME oF F'RM: Buell Securities Corp TYPE OF REGISIRANT {check al! applicable boxes); E Broker-dealer - [ (heck here if respondent is also an oTa derivatives dealgr Security-based swap dealer D Ma.ior security-based swap participant ADDRESS OF PRINC|PAL PLACE oF BUSINESS: iDo not use a P.O. box no.) | G
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y | CeolgtesiAcnAr ### This filing+' contains (check all applicable boxes): - E (a) Statement of financial condition. - E (b) Notes to consolidated statement of financial condition. - E (c) Statement of income (loss) or, jf there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in S 210.1 02 of Regulation S x). - D {d)Statement of cash flows. - n (e) Statement of changes in stockholders' or partners' or sole proprieto/s equity. - E (f) Statement of €hanges in liabilities subordinated to claims of creditors. - (g) Notes to consolidated financial statements. - = {h) Computation of net capital under 17CFR 24O.75c3-1 or 17 CFR 24O.!8a-7, as applicable. - = D (i) Computation of tangible net worth under 17 CfR 240.18a-2. - E (i)Computation for determinat;on of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - [] (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or ExhibitAto 17 CFR 240.18a 4, asapplicable. - E (l) Computation for Determination of PAB Requirements under Exhibit Ato 5 240.15c3 3. - [ (m) lnformation relatingto possession or control requirements for customers under 17CFR240.15c3 3. - E (n) lnformation relatingto possession or control requirements for security-based swap customers under 17 CFR 240.15c3,3(px2) or r7 CFR 24o.18a-4, as applicable. - = (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tan8ible net worth under 17 CFR 24O.15c3 1, 1/ CFR 2qo.l.aa-\, or 77CFR 24A.78a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3 3 or 17 CFR 240-18a 4, as applicable, if material differences exist, or a statement that no material differences exist. - E {p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5,77 CFR 24O.77a-12, ot 17 CfR24O.78a-7, as applicable. - = n (r)Compliance report in accordance with 17 CFR 24O.17a-5 ot 77 CFR24o.78a-7, as applicable. - {s) Exemption report in accordance with 17CFR 240.17a-5 orlT cFR 24o.78a-7, as applicable. - = n{t) lndependent public accountant's report based on an examination ofthe statement of financial condition. - = {u) lndependent public accountant's report based on an exa m ination of the financial report or financial statements u nder 17 CtR 240.17a-5, t7 CFR 24O.78a-7, or 77 CFR 24O.77a 12, as applicable. - E (v) lndependent public accountants report based on an examination ofcertain statements inthe compliance report under 17 CFR 24O.L7 a-5 or 71 CFR 240.18a-7, as applicable. - E (w) lndependent public accountant's report based on a review ofthe exemption report under 17CF R 240.77 a-5 or l7 CFR 24o.18a-7, as applicable. - E (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17CFR240.15c3-leot L7 CFR24O.77a L2, as applicable. - D (V) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or astatement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - tr (z)other: trTo request confidentiot treotment of ceftoin portions of this filinq, see 17 CFR 240.17o-5(e)(3) or 17 CFR 240.18o-7(d)(2), qt opplicoble. {2}------------------------------------------------ ## BUETL SECURITIES CORP. TABTE OF CONTENTS Report of lndependent Registered Public Accounting Firm Financial Statements: Statement of Financial Condition Notes to Financial Statements Schedule l: Computation of Net Capital Under 5EC Rule 15c3-1 Report of lndependent Registered Public Accounting Firm on Applying Agreed-Upon Procedures Report of lndependent Registered Public Accounting Firm Broker-Dealer's Exemption Report {3}------------------------------------------------ ## THOMAS FAUST, CPA Certifi ed Public Accountant 174 Coldbrook Ct. Lafayette, lN 47909 (765) 267-1 156 thomasfaustcpa2@gmail.com ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors and Stockholders Buell Securities, Corp. ## Opinion on the Financial Statements I have audited the accompanying statement of financial condition of Buell Securities, Corp., as of May 31,2026, the related stalements of income, changes in stockholders' equity, and cash flows for the year then ended, and the related notes and schedules (collectively referred to as the linancial statements). ln my opinion, the financial stalements present faidy, in all material respects, the financial position of Buell Securities, Corp. as of May 31, 2026, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. ## Basis for Opinion These financial statements are the responsibility of Buell Securities, Corp.'s management. My responsibility is to express an opinion on Buell Securities, Corp.'s financial statements based on my audit. lam a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to Buell Securities, Corp. in accordance with the U.S. federal securities laws and the applicable rules and the regulations of the Securities and Exchange Commission and the PCAOB. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. My audit included performlng procedures to assess the risks of material misstatement of the linancial statements, whether due to error or fraud and performing procedures that respond to those risks, Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. My audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that my audit provides a reasonable basis for my opinion. ## Supplemental lnformation Schedule l, Computation of Net Capital Under SEC Rule 15c3-1, has been subjected to audit procedures performed in conjunction with the audit of Buell Securities, Corp.'s financial statements, The supplemental information is the responsibility of Buell Securities Corp.'s management. My audit procedures included determining whether the supplemental information reconciles to the financial statemenis or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. ln forming my opinion on the supplemental information, I evaluated whether the supplemental information, including its form and content, is presented in conformity with '17 C.F.R. 5240,17a-5. ln my opinion, Schedule l, Computation of Net Capital Under SEC Rule 15c3-'1, is fairly stated, in all material respects, in relation to the financial statements as a whole. {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) at Thomas Faust, CPA, LLC d/b/a Thomas Faust, CPA I have served as the Company's auditor since 2018. Lafayette, Indiana July 16, 2026 {5}------------------------------------------------ ### BUELL SECURITIES CORP. STATEMENT OF FINANCIAL CONDITION AS OF MAY 31, 2026 TOTAL STOCKHOLDER'S EQUITY TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | ASSETS | | |--------------------------------------------------------------------------------|--------------| | ASSETS | | | Cash | S
211,408 | | Deposits and escrow | 108,373 | | Prepaid expenses | 7,888 | | Right of use lease asset | 47,338 | | TOTAL CURRENT ASSETS | 375,008 | | TOTAL ASSETS | 375,008 | | LIABILITIES AND STOCKHOLDER EQUITY | | | CURRENET LIABILITIES | | | Accounts payable and accrued expenses | 7,416 | | Commissions payable | 49,612 | | Lease obligation payable | 47.338 | | TOTAL CURRENT LIABILITIES | 104,336 | | LONG-TERM DEBT, less current maturities | | | Lease obligation payable - long term | | | STOCKHOLDER'S EQUITY | | | Common stock, par value \$100; 1,107 shares authorized, issued and outstanding | 110,700 | | Additional paid-in capital | 211,686 | | Retained earnings | (51,744) | 270,642 \_375,008 \$ - The accompanying notes are an integral part of the financial statements. {6}------------------------------------------------ 6-5 ## BUELL SECURITIES CORP. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING MAY 31, 2026 ### NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the Firm's significant accounting policies consistently applied in the accompanying financial statements are as follows: - a. Nature of Operations Buell Securities Corp. (the Firm) operates a broker-dealer from one Location in Glastonbury, Connecticut. The Firm is registered with the Securities and Exchange Commission (SEC) and is a member of the National Association of Securities Dealers (NASD), the Financial Industry Regulatory Authority (FINRA), and the Securities Investor Protection Corporation (SIPC). - b. Cash Equivalents For purposes of the statements of cash flows, the Firm has defined cash and cash equivalents as highly liquid investments with original maturities of less than three months, that are not held for sale in the ordinary course of business. There were no cash equivalents at May 31, 2026. - c. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. - d. Concentrations of Credit Risk The Firm places its cash in accounts with a local financial institution. At times, balances in these accounts may exceed FDIC insured limits. - e. Revenue Recognition The revenue of the Firm is derived primarily from commissions earned on the sale of equities, mutual funds, annuities, options and bonds. Commission income is recorded based on the settlement date of the transaction, which does not differ materially from revenue recorded based on the transaction date. In May 2014, FASB issued ASU 201-19, "Revenue from Contracts with Customers: Topic 606" which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles. The Firm's revenue recognition policy conforms with the pronouncement by recognizing revenue in accordance with the five components of the pronouncement. - · Identify the contract with the customer - Identify the performance obligation - Determine the transaction price - · Allocate the transaction price to the performance obligation - · Recognize the revenue when the performance obligation is met - f. Leases The Firm adopted FASB ASC 842, "Leases", effective April 1, 2019. The Firm is a lessee in one operating lease for the office space. The Firm recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease liability is initially and subsequently recognized based on the present value of its future lease payments. The discount rate is the implicit rate if it is readily determinable or otherwise the Firm uses its incremental borrowing rate. - g. Recently Issued Accounting Pronouncement Adopted In November 2023, the Financial Accounting Standards Board ("FASB) issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The Firm adopted this standard effective January 1, 2024. For further information refer to Note 9. {7}------------------------------------------------ BUELL SECURITIES CORP. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING MAY 31, 2026 #### NOTE 2: CLEARING BROKER AGREEMENT The Firms clears security transactions through Raymond James and Associates. Under the terms of the clearing agreement, Raymond James and Associates carry the accounts of the customers of Buell Securities Corp. on a fully disclosed basis. Raymond James executes transactions and settles contracts of securities for customer accounts, prepares confirmations and summary monthly statement, and performs certain cashiering functions such as receiving and delivering securities. #### NOTE 3: EXEMPTION UNDER RULE 15C3-3 The Firm claims exemptions under Rule 15c3-3 in accordance with the provision of paragraph (k) (2) (ii). The Firm introduces all customer accounts to a clearing firm on a fully disclosed basis. #### NOTE 4: INCOME TAX EXPENSE The Firms is a C Corporation for tax purposes. The Firm records its federal and state income ta liabilities and expenses in accordance with Financial accounting Standards Board Statement #9. Deferred amounts are recorded for any material temporary differences between tax and financial reporting methods. Accounting principles generally accepted in the United States of America require the Firm to examine its tax positions for uncertain positions. Management is not aware of any tax positions that are more likely than not to change in the next twelve months or that would not sustain an examination by applicable taxing authorities. The Firm's policy is to recognize penalties and interest as incurred in its Statement of Income, there were none in 2026. The Firm's federal and state income tax returns for 2022 through 2026 are subject to examination by the applicable tax authorities, generally for three years after the original or extended due date. At May 31, 2026, the Firm has a federal net operating loss of \$313,984. #### NOTE 5: ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES In June 2006, the Financial Accounting Standards Board (FASB) issued FASB interpretation Number 48 (FIN-48), Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109 (SFAS 109). The interpretation contains a two-step approach to recognizing and measuring uncertain tax positions accounted for in accordance with SFAS 109. The Firm has elected to deter the adoption of FIN 48 as allowed in FASB Staff Position (FSP-48-3) issued December 30, 2008. The adoption of this standard is not currently anticipated to have a material impact on the Firm's financial position, results of operations, or cash flows, however, the effect on future financial statements of this pronouncement cannot be determined at this time. Management will continue to evaluate any uncertain tax positions, if any during the deferral period. ### NOTE 6: RETIREMENT PLAN AND EMPLOYEE BENEFITS The Firm maintains a non-contributory 401K Retirement Plan that covers substantially all employees. The Firm also offers a Section 125 Cafeteria Plan to all qualifying employees. {8}------------------------------------------------ BUELL SECURITIES CORP. NOTES TO THE FINANCIAT STATEMENTS FOR THE YEAR ENDING MAY 31, 2026 ### NoTE 7: LEASE EXPENSE AND FUTURE OBLIGATIONS The Firm lea5e5 the oiiice jn which it operite5 and recognizes and measures its lease in accordance with tASB ASC842, "Leases"-The Firm is a lessee in a noncanaelable operating lease ror office space. The Iirm determines if an arrantement is a lease or contains a lease, at inception of a contract and when the terms of an existinS contract changes. The Firm reco8nizes a lease liability and a ri€ht of use asset at the commencement date of the lease. The lease ljability is inatially and subsequently recognized based on the present value of its future lease payments. Any variable payments are included in the future lease paymenis when those variable paynrents depend on an index or a rate. The discount rate is the Firnls incremental borrowint rate. The Firm's incremental borrowine rate fcr a lease is the rate of interest it would have to pay on a collateralized basis to borrow and amount equal Io the lease payments under similaa terms and in a similar economic environment Ihe Raght of Use asset is subsequenily measured throu8hout the lease term at the amount of the remeasured lease liability (i e, present value of the remaining Iease pavment5), plus unamonized initial direct costs, plus (minus) any prepaid {accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recotnized. Lease cost for these lease payments is recogni2ed on a straight-ljne basis over the lease term. During the year ended May 31, 2026, the Firm had rcnt expense of 5120,772 which consisted of operatiog lease costS Lease aost for these lease paynrents is recogrized on a straight-line basis over the lease terfi. The current iease is a five-year lease. 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_ | {9}------------------------------------------------ BUELL SECURITIES CORP. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING MAY 31, 2026 #### NOTE 8: NET CAPITAL REQUIREMENTS The Firm is required to maintain a minimum under Rule 15c3-3 of the Securities and Exchange Commission. Net Capital required under the rule is the greater of \$50,000 or 6/23 percent of the aggregate indebtedness of the Firm. At May 31, 2026, net capital as defined by the rules equaled \$254,920 which was \$204.920 in excess of its required net capital of \$50,000 and \$194,920 in excess of its minimum new capital requirement. The ratio of aggregate to net capital was 22.37% .. #### NOTE 9: SEGMENT REPORTING The Firm is engaged in a single line of business as a securities broker-dealer which is comprised of investment services described in Note 1. The Firm has identified its President as the chief operating decision maker ("CODM"), who uses net incorne to evaluate the results of the business, predominantly in the forecasting process, to manage the Firm. Additionally, the CODM uses excess net capital (see Note 8), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to maintain profits or pay distributions. The Firm's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Firm as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the policies listed in Note1. ### NOTE 10: COMMITMENTS AND CONTINGENCIES Management has evaluated possible commitments and contingencies at May 31, 2026. They concluded that there were no commitments or contingencies that would require recognition in the financial statements or disclosure in the related notes to the financial statements. #### NOTE 11: FILING REQUIREMENTS There were no liabilities subordinated to claims of creditors during the year ending May 31, 2026. Accordingly, no Statement of Changes in Liabilities Subordinated to Claims of Creditors has been included in these financial statements as required by rule 17a-5 of the Securities and Exchange Commission. ### NOTE 12: SUBSEQUENT EVENTS Management has evaluated subsequent events through the date which the report of the independent registered accounting firm was available to be issued and determined that there were no subsequent events that needed to be recorded or disclosed. {10}------------------------------------------------ ### BUELL SECURITIES CORP. COMPUTATION OF NET CAPITAL REQUIREMENT UNDER SEC RULE 15C 3-1 AS OF MAY 31, 2026 | COMPUTATION OF NET CAPITAL | | | |--------------------------------------------------------------------------------|---|----------| | Total ownership from Statement of Financial Condition | 5 | 270,642 | | Less nonallowable assets from Statement of Financial Condition | | (15,722) | | Net capital before haircuts on securities positions | | 254,920 | | Haircuts on securities | | | | Net Capital | | 254,920 | | | | | | COMPUTATION OF BASIC NET CAPITAL REQUIREMENT | | | | Minimum net capital required based on 6-2/3% of aggregate indebtedness | | 3,804 | | Minimum dollar net capital requirement of reporting broker or dealer | | 50,000 | | Excess Net Capital | ഗ | 204,920 | | (A) 10% of total aggregate indebtedness | | | | (B) 120% of minimum net capital requirement | | 60,000 | | Net capital less greater of (A) or (B) | | 194,920 | | COMPUTATION OF AGGREGATE INDEBTEDNESS | | | | Total Aggregate Indebtedness liabilities from Statement of Financial Condition | റ | 57,028 | | Adjustments for Aggregate Indebtedness . | | | | Total Aggregate Indebtedness | | 57.028 | | Percentage of Aggregate Indebtedness to Net Capital | | 22.37% | ### Reconciliation with Company's Computation of Net Capital Pursuant to Rule 17a-5(d) (4) As of May 31, 2026, there are no material differences between the audited net capital as reportd on Part IIA of the Firm's most recently filed (unaudited) Focus Report. {11}------------------------------------------------ ## ThtoMAs FAUST, CPA Certifi ed Public Accountant 174 Coldbrook Ct. Lafayette, lN 47909 (7 65) 267 -1 1 56 thomasfaustcpa2@gmail.com ## REPORT OF INDEPENDENT REGISTERED PUBTIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES The Board of Directors and Stockholders Buell Securities, Corp. Ihave performed the procedures included in Rule 'l 7a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities lnvestor Protection Corporation (SIPC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended May 31,2026. Management of Buell Securities, Corp. (Firm) is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Firm has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Firm's compliance with the applicable instructions on Form SIPC-7 for the year ended May 31, 2026. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, I make no representation regarding the sufficiency ofthe procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures I performed and my findings are as follows: - 1) Compared the listed assessment payments in Form SIPGT with respective cash disbursement records entries, noting no differences; - 2) Compared the Total Revenue amounts reported on the Annual Audited Report Form X-I7A-5 Part lll for the year ended May 31,2026, with the Total Revenue amount reported in Form SIPC-7for the year ended May 31 , 2026, noting no differences; - 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences; - 4) Recalculated the arithmetical accuracy ofthe calculations reflected In Form SIPC-7 and in the related schedules and working papers supporting the adjustments, noting no differences; and - 5) Compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed, noting no differences. I was engaged by the Firm to perform this agreed-upon procedures engagement and conducted my engagement in accordance with attestation standards established by the AICPA and in accordance with the standards ofthe Public Company Accounting Oversight Board (United States). lwas not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Firm's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended May 31, 2026. Accordingly, I do not express such an opinion or conclusion. Had I performed additional procedures, other matters might have come to my attention that would have been reported to you. l {12}------------------------------------------------ ![](_page_12_Picture_0.jpeg) Iam required to be independent of the Firm and to meet my other ethical responsibilities in accordance with the relevant ethical requirements related to my agreed-upon procedures engagement. This report is intended solely for the information and use of the Buell Securities, Corp. and the SIPC and is not intended to be and should not be used by anyone other than these specified parties. Thomas Faust, CPA, LLC di b/a Thomas Faust, CPA Lafayette, lndiana July 16, 2026 {13}------------------------------------------------ ![](_page_13_Picture_0.jpeg) THOMAS FAUST, CPA Certified Public Accountant 174 Coldbrook Ct. Lafayette, lN 47909 (765) 267-1 1 56 thomasfaustcpa2@gmail.com ### REPORT OF INDEPEI{DE]{T REGISTERED PUBUC ACCOU]ITII{G FIRM The Board of Directors and Stockholders Buell Securities, Corp. I have reviewed management's statements, included in the accompanying Exemption report of Broker and Dealers, in which Buell Securities, Corp., identified the following provisions 17 C.F.R. S 15c3-3(k) under which the Firm claimed an exemption from 17 C.F.R. \$2 4 0.15c3-3: (k) (2) (iD, and Buell Securities, Corp. stated that Buell Securities, Corp. has complied with the Exemption Rule 15c3-3 (k) (2) (ii) for the period of June 1, 2025 through May 31, 2026 without exception. Buell Securities, Corp.'s management is responsible for compliance with the exemption provisions and its statements. My review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and accordingly included inquiries and other required procedures to obtain evidence about the Firm's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, I do not express such an opinion. Based on my review, I am not aware of any material modifications that should be made to management's statements refened to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k) (2) (ii) of Rule 15c3-3 under the Securities Exchange Act of 1934. Thomas Faust, CPA, LLC d/b/a Thomas Faust, CPA Lafayette, lndiana July'16,2026 {14}------------------------------------------------ ![](_page_14_Picture_0.jpeg) ![](_page_14_Picture_1.jpeg) BUELL SECURIIIES CORP. 2OO CLASTONBTJRY BOTJIIVARD, SUTT€ 102, GLASTONBTJRY, CI 06033 TEL E6().65?. l7m Bco- n2-2464 FAX 8@.657.172t E.loblBh.tl i^ 1921 July 6,2026 Thomas Faust, CPA 174 Coldbrook Court Lafayette, lN 47909 Re: Exemption Statement Rule 1Sc3-3 (k) (2) (ii) FYE May 31,2o26 Dear Mr. Faust: Please be advised that Buell Securities Corp. has complied with Exemption Rule 15c3-3 (k) (2) (ii) for the period oflune 1,2025 through May 31, fo26 without exception. Buell Securities Corp did nur hold customer securities or funds at any time during this period and does business on a limited basis (publicly traded REITS and MLP's). BuellSecurities Corp's past business has been of similarnature and has complied since its inception. we are not aware of any events or other factors that might have affected Buell Securities corp's compliance with this exemption. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.