Robert Spencer Gerstein (CRD #840752, Boca Raton, Florida)

July 20, 2023 – An AWC was issued in which Gerstein was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacity for six months and ordered to pay $129,496, plus interest, in deferred restitution to customers. Without admitting or denying the findings, Gerstein consented to the sanctions and to the entry of findings that he engaged in short-term trading in securities intended to be held long-term. The findings stated that Gerstein recommended and effected unsuitable short-term trades in Class A mutual fund shares in accounts held by customers of his member firm, with an average holding period of 198 days. Gerstein also recommended that the customers engage in short-term trading of other products that his firm considered should be held long-term, including UITs and Market Linked Investments (MLIs). Gerstein did not have a reasonable basis to believe that the recommended transactions, for which he received total compensation of $129,496, were suitable for the customer accounts. The findings also stated that Gerstein caused his firm to maintain inaccurate books and records by marking as “unsolicited” order tickets for sale transactions in the customer accounts when, in fact, he had solicited each transaction. The suspension is in effect from August 7, 2023, through February 6, 2024. (FINRA Case #2019061789202)