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
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