Category Archives: NSM Securities

Pranav Patel-Former Dawson James Broker-Named in ForceField Energy Suit-Boca Raton, FL

July 2016- Boca Raton, FL

The FINRA records of Pranav V. Patel  (CRD 5391213), a stock broker who formerly was employed by Dawson James Securities , disclose that he was recently named in a customer dispute. In May 2016 Patel was charged with criminal conspiracy to commit wire fraud. Follow this link for more information on that matter. 

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

According to FINRA records, in June 2016 a civil case was filed naming Pranav Patel and others alleging damages of $62,855 and alleging that Patel sold ForceField Energy, Inc. to 5 individuals in a transaction not authorized by his then employer Dawson James Securities, Inc. Civil action No. 15-civ. 3020 (NRB) Southern District of New York. 

According to FINRA records, Patel  was  previously registered with Dawson James Securities, Columbus Advisory Group, National Securities Corporation, NSM Securities, CBG Financial Group and Gunn Allen Financial. 

If you have questions about an account handled by Pranav V. Patel  contact us to discuss your options and to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Pranav Patel-Former Dawson James Broker-Indicted for Securities Fraud-Boca Raton

UPDATE June 2016Pranav Patel named in civil action seeking damages related to sale of ForceField Energy, Inc. Follow this link for more information. 

May 2016-Boca Raton, FL

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

According to FINRA records,  Pranav V. Patel discloses:

  • A  pending criminal charge for Conspiracy to Commit Securities Fraud, Securities Fraud, Money Laundering Conspiracy and Conspiracy to Commit Wire Fraud. See this release dated May 3, 2016 from the US Attorney’s office for Eastern District of New York.
  • 1 pending civil event-See this SEC Litigation Release announcing fraud charges against Patel.
  • One prior settled customer complaints. In FINRA Case 11-3722, a customer while Patel was registered with  CBG Finanical Group alleged damages of $450,000 for unsuitable investments, misrepresentations and breach of fiduciary duties. That case was settled for $75,000.

According to FINRA records, Patel  was  previously registered with Dawson James Securities, Columbus Advisory Group, National Securities Corporation, NSM Securities, CBG Financial Group and Gunn Allen Financial. 

If you have questions about an account handled by Pranav V. Patel  contact us to discuss your options and to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

FINRA Accuses NSM Securities of Over Trading Accounts of Those of Indian Descent

By Robert H. Rex, Esq.


In November 2013, in a Letter of Acceptance, Waiver and Consent, Case No. 2011027667401, Irving Marvin Burstein, Chief Compliance Officer of NSM Securities agreed to a one year suspension from association with any member of FINRA in a principal capacity. Burstein, who has been with 15 different broker-dealers during his career and was a registered principal with NSM from 9/2005-7/2011. 

FINRA alleged that while acting as chief compliance officer, Burstein failed to supervise the activities of NSM’s registered representatives and failed to implement the firm’s Written Supervisory Procedures (WSP). Moreover, the FINRA filing, which can be viewed here, alleges that: 

“NSM’s business model is to solicit customers who are high net worth individuals of Indian descent, and then engage in a highly active trading strategy in their accounts involving only a few securities. During the relevant period, many NSM customer accounts were excessively traded in order to generate large fees for NSM registered representatives and the firm. Burstein’s failure to supervise the activities of the firm’s registered representatives, coupled with his failure to enforce the firm’s WSPs helped to create a culture of noncompliance at NSM that resulted in the rampant churning of customer accounts, unsuitable recommendations, unauthorized trading, and significant customer harm.” 

If you had an account at NSM Securities that suffered damages, call to discuss your legal rights. 

Nationwide representation.


561 391 1900

NSM Securities Hit with $187,000 Arbitration Award

By Robert H. Rex,  Esq. 

A FINRA arbitration panel in Orlando, Florida, just ordered NSM Securities and two of its brokers to pay damages in excess of $187,000 to resolve the claims of an investor who brought an action for unauthorized and unsuitable transactions of speculative trading of stocks on margin. The stocks included Drexion ETF, SOHU.com, Amazon and Netflix. 

The arbitration panel found that NSM Securities and their brokers Niyukt Raghu Bhasin and Arun Raghuveer Kapse were jointly and severally liable for common law breach of contract, negligence and recklessness. The panel awarded interest at the rate of 4.75% from October 27. 2011, but denied the claimant’s request for punitive damages and attorney fees. Vishnu Yelamanchi v NSM Securities, Inc. et al, FINRA Case #12-3702. 

If you have questions about the way your investment account is being handled, call for a no charge consultation with an experienced securities attorney to learn more about your rights. 

Nationwide representation


561 391 1900

Former NSM Securities Broker Irving Burstein Suspended by FINRA

By Robert H. Rex, Esq. 

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 Securities 9/2012-9/2013
NSM Securities 9/2005-10/2011

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 “Contact Us” button at the top of the page and tell us about your problem. We will get back in touch with you. 

Nationwide representation.


561 391 1900