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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
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Rex Securities Law
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Rex Investment Loss Recovery Blog
  • FINRA Suspends Former NSM Securities Broker Irving Burstein 0 comments
    Jan 16, 2014 2:50 PM

    In January 2014, FINRA announced that Boynton Beach, FL, broker Irving Marvin Burstein was suspended for one year and required to cooperate with regulators in any further investigation and hearing related to his member firm.

    Burstein was his firm's CCO, whose duties included reviewing customer accounts to detect and monitor for unsuitable transactions, excessive trading activity, unauthorized trading, excessive losses, wholesale recommendations, excessive securities concentrations and large or routine debit balances.

    FINRA findings stated that he failed to review customer accounts for any of these things, confining his activities to reviewing the trade blotter and order tickets and listening to brokers make cold calls.His review of customer accounts was limited to a quarterly review of accounts selected on a random basis. During this time some customer accounts were being excessively traded and many firm customers sustained significant losses.

    According to FINRA records, Burstein was registered as follows:

    R.M. Stark & Co.10/2013-12/2013

    Legend Securities9/2012-9/2013

    NSM Securities9/2005-10/2011

    If you have losses in your brokerage account and wish to discuss your legal rights call 561 391 1900 to speak with an experienced securities attorney or client the "Send Message" button at the top of the page and tell us about your problem. We will get back in touch with you.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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