SEC Charges Ex-Raymond James Branch Manager for Aiding and Abetting Hotel Project Scam

Posted on September 7th, 2018 at 2:02 PM
SEC Charges Ex-Raymond James Branch Manager for Aiding and Abetting Hotel Project Scam

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has charged former Raymond James & Associates branch manager, Joel Burstein in Florida federal court for aiding and abetting the misuse of investor money flowing through customer brokerage accounts.

More specifically, Burstein used Raymond James brokerage accounts in order to aid his former father-in-law and Vermont ski resort owner, Ariel Quiros, into defrauding investors out of $21 million. Burstein and Quiros targeted investors through the EB-5 program, which provides green cards to foreign nationals who invest at least $500,000 in an American project that creates at least 10 jobs.  

According to the SEC’s complaint, Burstein misappropriated customer funds in order to buy the Vermont ski resort, Jay Peak for Quiros. Burstein covered his tracks by making it appear as though his customers’ money still was in certain accounts by claiming that the funds were moved around for “accounting purposes.”

Without admitting or denying the SEC's allegations, Burstein has consented to pay a civil penalty of $80,000. Burstein also agreed to an SEC order that bars him from association with any broker, dealer, investment adviser, municipal securities dealer, transfer agent, or nationally recognized statistical rating organization, and from participating in an offering of penny stock, with the right to apply for reentry after 10 years.

Eccleston Law is investigating the fraudulent activities of Joel Burstein and Ariel Quiros. Those with information should contact our law firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, SEC, raymond james, joel burstein

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