Florida Registered Principal Broker Suspended by FINRA

The following summation of information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2014.”

Irving Marvin Burstein (CRD #1218326, Registered Principal, Boynton Beach, Florida)

was suspended for one year and required to cooperate with FINRA or any other regulator in investigations and hearings related to his member firm. Burstein was his firm’s CCO. FINRA's findings stated that Burstein failed to review customer accounts to detect and monitor for unsuitable transactions, excessive trading activity, unauthorized trading/transactions, excessive losses, wholesale recommendations, excessive securities concentrations, and large or routine debit balances.

Burstein’s review was limited to a quarterly review of customer files on a random basis. Allegedly, the firm’s WSPs provided that the firm would not begin receiving exception reports until a later date and Burstein failed to review them. The customer accounts were being excessively traded each month. Burstein did not review transactions for suitability. The firm's registered representatives made unsuitable recommendations to customers and used excessive margin in trading their accounts. Many of the firm customers sustained significant losses. Many customers did not authorize the trades and had conservative portfolios.

FINRA found that the numerous customer complaints were not reviewed, and registered representatives were allowed to engage in sales practice abuses--unauthorized trading and churning with no oversight. Burstein, the CCO, ignored his responsibilities to supervise the activities of the firm’s registered representatives and to implement and enforce the firm’s WSPs.
The suspension is in effect from December 16, 2013, through December 15, 2014.
(FINRA Case #2011027667401)

According to FINRNA's BrokerCheck, Irving Marvin Burstein was previously registered with the following FINRA firm(s):

R.M. STARK & CO., INC. (CRD# 7612) - DELRAY BEACH, FL
10/2013 - 12/2013

LEGEND SECURITIES, INC. (CRD# 44952) - WEST PALM BEACH, FL
09/2012 - 09/2013

NSM SECURITIES, INC. (CRD# 134357) - WEST PALM BEACH, FL
09/2005 - 10/2011

POINTE CAPITAL, LLC (CRD# 112097) - TAMPA, FL
12/2004 - 03/2005

AURA FINANCIAL SERVICES, INC. (CRD# 42822) - BIRMINGHAM, AL
12/2002 - 08/2004

MILLENNIUM SECURITIES CORP. (CRD# 31695) - NEW YORK, NY
11/1999 - 03/2001

BARRON CHASE SECURITIES, INC. (CRD# 18969) - BOCA RATON, FL
04/1998 - 04/1999

LUMIERE SECURITIES, INC. (CRD# 13414) - DENVER, CO
03/1997 - 06/1997

GLOBAL STRATEGIES GROUP, INC. (CRD# 27414) - NEW YORK, NY
03/1996 - 04/1996

CANTONE RESEARCH INC. (CRD# 26314) - TINTON FALLS, NJ
11/1993 - 02/1996

JARON EQUITIES CORP. (CRD# 5764) - HICKSVILLE, NY
07/1993 - 10/1993

SAPERSTON FINANCIAL INC. (CRD# 27863) - BUFFALO, NY
10/1992 - 02/1993

MEYERS POLLOCK ROBBINS, INC. (CRD# 13436) - NEW YORK, NY
05/1992 - 10/1992

VANTAGE SECURITIES, INC. (CRD# 19611) 09/1990 - 05/1992

STUART, COLEMAN & CO., INC. (CRD# 8642) - NEW YORK, NY
01/1989 - 10/1990

DAMON, ANDREWS & COMPANY LTD. (CRD# 7770) 06/1984 - 11/1985

D.B.G. EQUITIES CORPORATION (CRD# 13427) 01/1984 - 06/1985

This ends the information from FINRA’s website.

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