Advisor Alert: Our Attorneys Are Investigating Joel Nathan Burstein, Jr. For Investment Fraud

Chetan Patil on February 2, 2024

Did You Lose Money Because of Joel Burstein?

Filed: January 31, 2024

Joel Burstein has been the subject of one (1) regulatory event, one (1) termination event, one (1) civil event, and eight (8) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on Joel Nathan Burstein, Jr..

Who Is Joel Nathan Burstein, Jr.?

  • Advisor Name: Joel Nathan Burstein, Jr.
  • Aliases: Joel Burstein
  • CRD: 3257591
  • Location: Coral Gables, Florida
  • Current Employer: No Longer Allowed to Practice in the Securities Industry
  • Previous Firms: Raymond James & Associates, Inc. and Simmers Capital Management Corporation
  • Number of Known Customer Complaints: 8
  • Number of Known Regulatory Events: 1
  • Number of Known Civil Events: 1
  • Number of Known Termination Events: 1
  • Can Joel Burstein Be Sued: Yes, in Private Arbitration
  • Can Joel Burstein’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $8,000,000
  • Highest Settlement: Unknown

If you have suffered investment losses by Joel Burstein, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against Joel Burstein For Broker Misconduct

As of this publication date, Joel Burstein has been the subject of 1 regulatory event, 1 termination event, 1 civil event, and 8 customer disputes. Let’s review them below.

In March 2020, a complaint was filed against or in reference to Joel Burstein by a customer of Raymond James & Associates, Inc. alleging that Mr. Burstein was involved in fraudulent activity.

In September 2018, United States Securities and Exchange Commission initiated a regulatory action against or in reference to Joel Burstein. The Commission’s complaint alleged that, in connection with the offer and sale of securities in the form of limited partnership interests in a series of offerings issued by Jay Peak, Inc. (“Jay Peak”) and other related entities, Burstein aided and abetted violations of the antifraud provisions of the federal securities laws. Burstein knowingly, or recklessly, provided substantial assistance to one of the principals of Jay Peak in a scheme to misappropriate and misuse millions of dollars of investor funds.

In September 2018, United States Securities and Exchange Commission initiated a civil action against or in reference to Joel Burstein for aiding and abetting violations of the antifraud provisions of the federal securities laws by substantially assisting a massive fraudulent scheme in which the Miami owner and the chief executive of a Vermont ski resort systematically looted more than $50 million of the more than $350 million raised from hundreds of foreign investors through the U.S. Citizenship and Immigration Service’s EB-5 Immigrant Investor Program.

In December 2016, Raymond James & Associates, Inc. terminated Joel Burstein after being named as a defendant in a fraud related lawsuit involving activity by third parties in client accounts for which he was the broker of record.

In November 2016, a complaint was filed against or in reference to Joel Burstein by a customer of Raymond James & Associates, Inc. alleging that Mr. Burstein aided and abetted breach of fiduciary duty, conspiracy to breach of fiduciary duty, fraudulent transfers pursuant to Fla. State. 726.105(1)(a), & 726.106(1), Violation of Racketeer Influenced and Corrupt Organizations Act 18 U.S.C. 1962(c) and Conspiracy in Violation of Racketeer Influenced and Corrupt Organizations Act, 18 U.S. C. 1962(d).

In June 2016, a FINRA arbitration was filed against or in reference to Joel Burstein by a customer of Raymond James & Associates, Inc. alleging common law fraud, negligence, violation of Florida statute 726 (fraudulent transfers), aiding and abetting, unjust enrichment, unsuitable recommendations, breach of contract, and breach of fiduciary duty. Per the customer, he/she lost over $8,000,000 because of Mr. Burstein’s actions.

In June 2016, a FINRA arbitration was filed against or in reference to Joel Burstein by a customer of Raymond James & Associates, Inc. alleging common law fraud, negligence, violation of Florida statute 726 (fraudulent transfers), aiding and abetting, unjust enrichment, unsuitable recommendations, breach of contract, and breach of fiduciary duty.  Per the customer, he/she lost over $500,000 because of Mr. Burstein’s actions.

In June 2016, a FINRA arbitration was filed against or in reference to Joel Burstein by a customer of Raymond James & Associates, Inc. alleging common law fraud, negligence, violation of Florida statute 726 (fraudulent transfers), aiding and abetting, unjust enrichment, unsuitable recommendations, breach of contract, and breach of fiduciary duty.  Per the customer, he/she lost over $500,000 because of Mr. Burstein’s actions.

In June 2016, a FINRA arbitration was filed against or in reference to Joel Burstein by a customer of Raymond James & Associates, Inc. alleging common law fraud, negligence, violation of Florida statute 726 (fraudulent transfers), aiding and abetting, unjust enrichment, unsuitable recommendations, breach of contract, and breach of fiduciary duty. Per the customer, he/she lost over $500,000 because of Mr. Burstein’s actions.

In June 2016, a FINRA arbitration was filed against or in reference to Joel Burstein by a customer of Raymond James & Associates, Inc. alleging common law fraud, negligence, violation of Florida statute 726 (fraudulent transfers), aiding and abetting, unjust enrichment, unsuitable recommendations, breach of contract, and breach of fiduciary duty. Per the customer, he/she lost over $500,000 because of Mr. Burstein’s actions.

In June 2016, a FINRA arbitration was filed against or in reference to Joel Burstein by a customer of Raymond James & Associates, Inc. alleging common law fraud, negligence, violation of Florida statute 726 (fraudulent transfers), aiding and abetting, unjust enrichment, unsuitable recommendations, breach of contract, and breach of fiduciary duty. Per the customer, he/she lost over $500,000 because of Mr. Burstein’s actions.

How To File A Claim Against Joel Burstein (previously with Raymond James & Associates, Inc. and Simmers Capital Management Corporation) To Get Your Money Back

If you have questions about Joel Burstein, Raymond James & Associates, Inc., Simmers Capital Management Corporation, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.