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New Jersey Bureau of Securities Files Order Against Steven Gluckstein

Jun 10, 2022 Failure to Supervise

Steven Gluckstein (CRD #: 2518385), a formerly registered broker, was involved in a recent regulatory action, according to his BrokerCheck record, accessed on June 4, 2022. Read on if you have questions about Steven Gluckstein’s conduct as a broker.

Regulatory Action by the State of New Jersey

On May 9, 2022, the New Jersey Bureau of Securities filed an order alleging that Steven Gluckstein, while employed as a registered investment advisor (RIA) with Seaview Global Advisors, employed an unregistered RIA.

The New Jersey Bureau of Securities further alleged that Steven Gluckstein engaged in unethical practices related to securities and investment advisory, including omitting a necessary material fact to clients of Seaview, failure to supervise, failure to maintain written investment advisory contracts, and failure to make and keep the required books and records.

Steven Gluckstein faced sanctions of $500,000 as part of this regulatory action.

FINRA Rules 2020, 3110, and 4511

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent tactics to influence the purchase or sale of securities. This includes the omission or misrepresentation of information related to investments, such as their costs, risks, or potential returns.

FINRA Rule 3110 requires firms to establish and maintain systems of supervision to ensure their personnel remain in compliance with regulations. Firms must appoint appropriately trained supervisors and write internal procedures to guide the supervisory process.

FINRA Rule 4511 requires firms to keep books and records, with the implication that these records should be up-to-date and accurate.

What’s the difference between a broker and a registered investment advisor?

Brokers and registered investment advisors (RIAs) look very similar at first glance. Brokers execute trades and RIAs provide investment advice. Many financial industry professionals are registered as both. RIAs are regulated by the Securities Exchange Commission, while brokers are regulated by FINRA.

Background Information

Steven Gluckstein has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • Series 86 - Research Analyst Exam - Part I Analysis Module
  • Series 87 - Research Analyst Exam - Part II Regulations Module
  • Series 7 - General Securities Representative Examination
  • Series 16 - NYSE Supervisory Analyst Examination
  • Series 24 - General Securities Principal Examination
  • Series 8 - General Securities Sales Supervisor Examination (Options Module & General Module)

In the past, he has worked for Oppenheimer & Company (CRD#:249) and Arnhold and S. Bleichroeder (CRD#:1101).

Kurta Law Can Help

If you worked with Steven Gluckstein and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.