Category Archives: R.M. Stark & Co.

Delray Beach Broker David E. Macias Suspended/Fined by FINRA

By Robert H. Rex, Esq. 

In December 2013, the Financial Industry Regulatory Authority (FINRA) suspended Delray Beach, FL, broker David E. Macias for three months and fined him $15,000 to resolve allegations that he placed trades in an outside securities account and failed to notify his firm. FINRA also alleged that Macias exercised discretionary power in a customer account and placed discretionary trades in the customer’s account without written authorization and without his firm’s written approval. 

Macias utilized text messaging and a non firm, personal email account to communicate with a customer and conduct securities business. Use of these methods of communication was not approved by his firm and violative of firm policy. 

The suspension is in effect from December 16. 2013- March 15, 2014. 

According to FINRA records Macias was registered with R.M. Stark & Co. from 11/2009-10/2012. As of March 2014, FINRA records indicate that he is not currently registered with FINRA. 

If you have questions about the way your brokerage account is being handled, contact us to discuss your legal rights. No charge for initial consultation. 

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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. 

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561 391 1900