SEC Bars Raymond James’s Joel Burstein

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker Joel Burstein [CRD#: 3257591, Coral Gables, Florida]. Not only has the Securities and Exchange Commission (“SEC”) barred Burstein for allegedly helping to misappropriate client funds, but at least 7 clients took issue with the securities broker, who worked for Raymond James Associates between 2001 and 2017. In sum, these disclosures suggest that Burstein engaged in deceptive acts and helped cause hundreds of investors to experience losses through the misappropriation of their assets. Here’s more:

Joel Burstein Barred by SEC For Alleged Misappropriation

Supposedly, on September 20, 2018, SEC issued Order #: 3-18804 sanctioning Joel Burstein. Specifically, SEC barred him after obtaining a judgment permanently enjoining the securities broker from engaging in violations of federal securities antifraud laws. Allegedly, the securities broker violated Securities Act of 1933, Securities Exchange Act of 1934 and Rule 10b-5 when he helped steal more than $50,000,000 from hundreds of foreigners who invested in limited partnerships connected to Vermont ski resort, Jay Peak, Inc. Allegedly, the securities broker helped Ariel Quiros misappropriate assets and fraudulently use foreign investor funds to pay margin debts.

Raymond James Client Suggests That Burstein Breached Fiduciary Duty

Evidently, on June 30, 2017, a Raymond James client filed Civil Suit#: 112016CA0019360001XX concerning Joel Burstein. Notably, the client asserted that Burstein breached a fiduciary duty, failing to place the client’s interests before his own. Allegedly, the securities broker additionally deceived the client with respect to private securities purchased through him. As a result, the client requested unspecified compensation from Raymond James or Burstein. Evidently, this civil suit is pending a resolution.

Raymond James Terminates Joel Burstein For Client Disputes

Supposedly, on December 30, 2016, Raymond James disaffiliated with Burstein. Namely, Raymond James contended that Burstein was named as a defendant in a client dispute alleging that he engaged in dishonest, deceptive activities.

Burstein Allegedly Gives Bad Advice To Raymond James Client

Supposedly, a client of Raymond James contested Joel Burstein’s actions by bringing FINRA Arbitration #: 16-01754 on November 30, 2016. Allegedly, Burstein falsified the details concerning the risks or terms of investments. It appears that the securities broker potentially dishonored an investment agreement and recommended bad investments too. Allegedly, these investments failed to align with the client’s risk tolerance or some other aspect of the client’s investment profile. The client indicated that the securities broker additionally violated Florida securities laws by his actions which caused the client to experience losses. Consequently, the client demanded compensation from Raymond James Associates or Burstein in the amount of $8,000,000 in this ongoing matter.

Raymond James Client Indicates That Joel Burstein Was Negligent

Evidently, on November 2, 2016, a Raymond James client filed FINRA Arbitration #: 16-01540 concerning Joel Burstein. Notably, the client asserted that Burstein negligently recommended or sold investments. Supposedly, these investments conflicted with the client’s investment profile. It appears that the securities broker potentially did not comply with an investment agreement or his fiduciary responsibilities too. For this reason, the client requested $500,000 in compensation from Raymond James or Burstein. Evidently, this arbitration awaits a resolution.

Losses From Raymond James Associates’ Burstein?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing with Joel Burstein? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Burstein and brokerage firms.